WAVES Price Prediction: Plunges 13% Below 50-day EMA; Is $20.0 Possible?

Rekha chauhan
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 WAVES price downtrend shows an increase in the selling pressure that has pushed it past the immediate support level. The current movement could lead to a further crash if WAVES  buyers sliced the vital support levels.

  • WAVES price edges lower with significant losses on Friday.
  • The price trades near critical support around $25.0, more downside if the level is broken.
  • WAVES price lost nearly 45% since the beginning of the week.
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WAVES price looks for downside continuation

Source: Trading View

WAVES price is currently hovering at $26.0 within a previous demand zone. The token dropped 45% since the beginning of the week. Now, if the price breaks the reliable support level it would trigger a fresh round of selling in the asset. In addition to that, the slippage of the 50-day EMA (Exponential Moving Average) at $29.46 hints at the brewing bearish sentiment further.

Since this area constitutes a demand zone and a support level, a breakdown of the former will indicate a rise in selling pressure and could trigger a further crash.

Investors would collect the liquidity near the demand zone extending from $20.0 to $17.06.

On the flip side, if the WAVES buyers bind together then the price would have a good chance of recovery above $30.0. This would alleviate the prevailing bearish outlook. A consolidation above the session high could be key toward another run-up to $40.0. This would be a 53% price appreciation from the current level of $26.0.

In a highly optimistic scenario, WAVES  price could extend the gains and retest the psychological $50.0 level.

Technical indicators:

MACD: The Moving Average Convergence Divergence slipped sharply below the mid-line with heavy selling pressure.

RSI: The daily Relative Strength Index approached the oversold zone. It reads at 39, still far from the extreme condition.

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.