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.
WAVES price looks for downside continuation
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.
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.
- Hard Fork Vs Genesis Chain: Terra Team Clears Air Around Debate
- Prominent Investment Officer Predicts More Downside For Bitcoin Price, Here’s Why
- Investors Move $141 Million Out Of Crypto: CoinShares Report
- Just In: S. Korea Police Seek To Guard LUNA Assets
- Incoming Shiba Inu Rally? Over 22 Billion SHIB Tokens Burned Across 497 Transactions
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Just-In: South Korea May Sue Crypto Exchanges Over Terra Crash
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?