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Waves Price Analysis: WAVES Sends Bears off the Boat, Investors May Give Rise to a Bullrun 

Analytics

www.thecoinrepublic.com 10 September 2022 19:50, UTC
  
Reading time: ~2 m

  • Waves coin recovered from the demand zone and moved higher with a 6.6% intraday gain. 
  • Amid recovery, buyers pushed prices higher above the 20-day moving average.
  • Trading volume also increased with the uptrend, showing bulls’ presence. 

Waves coin is going to change its previous trends near the weekend as the price moves to the higher zone. Altcoin started showing positivity in price on 7 September as bulls barely maintain price above the key demand zone above the $4.0 mark. Bulls have already placed their buying order above $4.0 level in heavy quantities to defend themselves from more bloodbaths. 

However, waves coins have been underperforming for the past several months. The yearly high brought a heavy sell-off in crypto price because buyers had already made approximately 600% returns from the February 2022 low. 

Source: WAVES/USDT by Tradingview 

At the time of writing, Waves coin against the USDT pair is trading at $4.86 Mark. Meanwhile, bulls seem to be on the offensive for the past four trading sessions, resulting in coins increasing by 6% so far. Last weekend also supported the bulls. The market cap reached $534 Million in the last 24 hours with a gain of 6.6%. 

Buyers take it as recovery because some vital bullish hurdles still remain to break. Notably, buyers successfully pushed the price higher above the 20-day moving average in the context of the daily price scale.  Increasing trading volume suggests the offensiveness of bulls and the price may breach $5.0-resistance soon as volume increased 64% in the last 24 hours.

Indicators Overview on Weekly Time Frame 

Source: WAVES/USDT by Tradingview 

Over the weekly time frame, the RSI indicator seems to be flat at 40-points, although it’s slightly bullish on the daily chart. Similarly, the Choppiness Index continues to move higher and suggests sideways momentum in Waves coin on a higher price scale. 

Conclusion

In lower time frames like daily and below, the Waves coin is observing bullish and can be considered as a recovery. In other words, the Waves coin is trading sideways in a weekly time frame, bulls need to break $5.0-resistance before the week’s end. 

Support level – $4.2 and 4.0

Resistance level – $10 and $15

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


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