WAVES Price Prediction: Are Bulls Ready to Rebound Above $2.60?

• 1 The WAVES token showcased a range-bound movement this week as its price stayed close to $2.50.
• 2 Buyers are attempting to squeeze the gains above the 20-day EMA mark.

Waves’ native token is WAVES, an uncapped supply token for standard payments such as block rewards. WAVES token replicates profit booking and has flipped the higher high sequences into a retracement move. Moreover, the trend will revert, and bulls are trying to halt the gains to prevent a decline. Furthermore, the technicals are attracting sellers’ interest, and their short buildup, which led to pressure from the top, and a sharp rejection from $3, was witnessed in the recent sessions.

The price of WAVES is close to the 20-day EMA and it shows a sharp push by the sellers, indicating that bears are trying to attain dominance. Moreover, the price action shows the longs unwinding, and buyers are losing their momentum and are on their back foot.

At press time, the Waves token (WAVES) trades at $2.54 with an intraday gain of 7.80%, showing a pullback on the chart. Moreover, the trading volume increased by 23.90% to $58.96 million, highlighting investor interest. The pair of WAVES/BTC was noted at 0.0000547 BTC, while the market cap is $287.07 Million. Analysts are bullish and suggest that the WAVES price will continue to extend the upward move and may cross $4 soon.

WAVES On Daily Charts Reflects Neutrality

Source: WAVES/USD Chart By TradingView

On the daily charts, the WAVES token showcased an upward move from the bottom of $1.40 and recovered over 80% of gains in the past weeks. Moreover, the WAVES price has taken a U-turn from the supply zone of $3 and is trying to rebound from the 50-day EMA.

The relative strength index (RSI) curve stayed below the midline, showing a negative crossover and replicating the selling pressure in the recent sessions. The MACD indicator showed a bearish crossover and formed red bars on the histogram, suggesting the volatile outlook for the following sessions.

Weekly Charts Displays Rejection From 50 Day EMA

Source: WAVES/USD Chart By TradingView

On the weekly charts, the WAVES token formed a double bottom pattern close to the breakout zone of $3.50. Above it, the WAVES price will take a sharp boost and may reach the 100-day EMA mark near $4.70. Additionally, the trend still showcases neutrality instead of a downtrend, and the bulls are looking for a pullback to continue the fireworks above $3.

Summary

The WAVES token price led to a retracement and it is hovering near the 20-day EMA mark, showcasing selling pressure in the last sessions. Moreover, the price action indicates the indecisiveness between the bulls and bears, and the WAVES token has lagged in momentum and dragged below the lower trendline.

Technical Levels

Support Levels: $2.30 and $2

Resistance Levels: $2.80 and $3

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

Steefan George

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.

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