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07 March 2022 18:53, UTC
WAVES was once again trading higher, as cryptocurrency markets marginally climbed to start the week. Although the weekend’s red wave has not fully faded, $FLOW was also able to move higher on Monday.
WAVES rose for a second consecutive session to start the week, breaking out of its long-term resistance level in the process.
Today’s move in WAVES/USD saw prices break through its long-term resistance level of $19.55, rising to a 3-month high in the process.
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As of writing this, WAVES is up 17.2%, and rose to an intraday high of $21.86, which is its highest level since December 4.
This move pushed WAVES closer to another ceiling of $23.00, with the 14-day RSI continuing to hover above overbought territory.
After tracking at 72 yesterday, price strength currently sits at 78.4, which is its highest since August, when crypto markets were climbing to record highs.
Although we could be looking at further marginal gains, it may be hard for some to believe this run will continue throughout the week.
Although it didn’t climb by nearly as much as WAVES, $FLOW did rebound to start the week, following yesterday’s drop in price.
$FLOW/USD rallied from its support level of $5.45 on Monday, to hit an intraday high of $5.91 earlier in today’s session.
This came as the floor within the 14-day RSI of 41.30 held firm, creating the foundation for bulls to re-enter the market today.
Looking at the chart, this indicator now tracks at the 45.06 level, and comes as the moving averages of 10/25-days look set for an upward cross.
Should this occur, the $6.90 ceiling will likely be the next target area for bulls, which have likely already entered the market.
