WAVES COIN PRICE ANALYSIS: Waves coin price is trading below the daily timeframe of the demand zone, what is next?
- The price of Waves coins has been falling for the past two months and has recently slipped below the important demand zone on a weekly basis.
- The price of WAVES coins forms a symmetrical triangular pattern over a daily timeframe.
- The WAVES/BTC pair is trading at a price of 0.00024 with a decline of -2.13% in the last 24 hours.
The price of WAVES coins, according to the price action, is stuck in a small range on a daily timeframe. Right now, the WAVES coin price is hovering around the $6.0 supply zone as the price bounces off the long-term demand zone. The coin price broke down the long-term demand zone a long time ago and as a result, the breakdown zone is now acting as a strong supply zone. WAVES coin price is currently trading in the middle of the Bollinger Band indicator as the coin price consolidates. The coin price attempted to give a breakout of the supply zone but failed as it formed a strong bearish candlestick pattern at the top. To negate the fall in the price of WAVES coins out of the supply zone, the bulls need to take matters into their own hands and push the price higher. Currently, the price of WAVES coins is trading below all major moving averages.
WAVES coin price attempted to break out of 50 MA but failed. Although the coin price gave a breakout of the 20 EMA, it needs to break out of the range for a new bullish rally. Volumes were normal despite rallies and rejections. Investors should wait for the breakout of the small narrow range and act accordingly.
WAVES coin price has fallen below the long-term demand zone on the weekly charts
Moving average convergence divergence: The MACD indicator gave a positive crossover, despite the coin price falling below the important demand zone. The blue line crossed the orange line on the upside, indicating bullish momentum in the next few days. As the price of the coins consolidates, the MACD line has narrowed. Once the coin price starts to rise, the MACD lines may widen to support the trend, until then investors should be cautious.
Relative Strength Index: The RSI curve crossed the 20 EMA line after the time. Gave an escape from the Supply Zone. Despite the breakout, the RSI curve has yet to break through the 50 mark. Once the price of the coins started to climb again with strong bullish support, the RSI can be seen to break through the 50 mark halfway through. . This would validate the bullish momentum. Right now, the RSI curve is trading at 43.78.
Average Directional Movement Index: The ADX curve slipped below 20 as the coin saw strong selling over the past 6 months. At present, the ADX curve is still sloping downward. In order for WAVES coin price to break out of the bearish zone, the ADX curve must start following an upward trajectory. At present, the ADX curve has reversed, indicating a stop in the price of the Waves coin. As seen on the charts, the coin price started to consolidate at the bottom, forming bullish candlesticks.
The price of WAVES coins is in a strong downward trend. As of now, the coin price has started consolidating on a daily timeframe. Technical parameters suggest the same. It remains to be seen whether the coin price will break the consolidation on the upside or downside.
SUPPORT: $5.5 and $5.3
RESISTANCE: $7.8 and $8.2
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