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WAVES Technical Analysis: Correction Can Be Completed

source-logo  cryptoknowmics.com 28 February 2022 06:41, UTC

The WAVES cryptocurrency is one of the few that has shown some stability and increased trading volumes at local lows. Looking at the weekly timeframe, we see that the last 6 weekly candles are closing at high volumes. At the same time, the WAVES price is in place in the consolidation. The general correction of the WAVES price, which began in May 2021, corrected the previous growth wave by 78%. It was there that buyers confidently slowed down the fall in prices and launched a counterattack. waves https://www.tradingview.com/x/EWwoaghb/ If buyers take control of the local mark of $12.4 - then we expect to continue to increase the WAVES price to $26. However, even after the price grows by 100%, the local trend in the WAVES market will remain bearish. To fully select the initiative from the hands of sellers, buyers should check the mark of $36 and then keep $26. In this case, we can confidently say that the correction in the WAVES market is over and we expect a long and powerful growth wave.

Technical Analysis Of WAVES On The Daily Timeframe

TradingView Chart https://www.tradingview.com/x/FLgRdjOE/ The increase in the trading volumes on the WAVES market is perfectly noticeable in the daily timeframe. In the clear consolidation range of $8-$12, buyers are confidently gaining ground. This can be seen by comparing trading volumes during local growth and local decline within the consolidation. During the local fall in the WAVES price, the trading volumes decrease, which indicates the absence of aggression from sellers. Although, during the growth wave, trading volumes increase as much as possible. If the daily candle from 27 February closes below $12 - then we will expect another fall wave with the first target of $9.5. And buyers are strong and have serious intentions to form a powerful growth wave - the price should not fall below. If this scenario is implemented, we will expect a $26 test.

WAVESBTC Price Kept The Growth Trend

TradingView Chart https://www.tradingview.com/x/Y57Ks8Hn/ Positive signals for continued WAVES growth in the market are also visible on the WAVESBTC price chart. Starting from December 2019, the WAVESBTC price is moving in a clear growth channel. For the third time, the bottom trend line of this channel withstands the pressure of sellers. This time sellers managed to break this trend line for a while. But, the weekly candle from 21 February showed that buyers are ready to continue their trend. The first target of buyers is the mark of 0.00004. In case of an unsuccessful attempt to break this mark, we will expect a retest of the mark 0.000028. It is at this point that there will be a chance to test buyers for strength definitively and buy WAVES with minimal risk. The alternative scenario of WAVESBTC price movement will be considered after buyers lose control of mark 0.000022.

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