WAVES Technical Analysis: Expected to Fall Below $19.45 and $18.72
Waves.tech is a robust open-source protocol that facilitates the development of innovative decentralized applications for practical everyday purposes. It provides a user-friendly development infrastructure with ready-to-use app-building tools. Apart from that, developers can access development libraries, guides, learning materials, and tutorials on waves.campus. WAVES is the native token of this network and the following technical analysis predicts the price momentum for the next two days:
On April 21, 2021, WAVES started trading at $13.53. On April 27, 2021, WAVES closed at $20.64. Thus, in the past week, the price has soared by approximately 52%. In the last 24 hours, WAVES has traded between $19.57-$21.58.
Day-Ahead and Tomorrow
Currently, WAVES is trading at $19.94. The price has decreased from the day’s opening price of $20.65. Thus, the market seems to be downtick.
The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. However, both the lines are close to the zero line and may change signs soon. As of now, the price is expected to decline further. A bearish trend reversal may occur in some time.
Currently, the RSI indicator is at 34% and has just rallied from the 30% mark. Thus, selling pressures are very high. Hence, the RSI indicator is pointing towards a further price drop.
The A/D indicator is tapering downwards. Hence, whale distributions are higher than whale accumulations. Thus, heavy offloading activity is likely to push the price further down. To sum up, all three oscillators have given bearish signals.
WAVES Technical Analysis
Currently, the WAVES price is below the first Fibonacci pivot support level of $19.90. It is soon expected to fall below the subsequent support levels of $19.45 and $18.72, respectively.
The price has tested and fallen below the 23.6% FIB retracement level of $20.12. It may soon fall below the 23.6% FIB extension level of $19.22. Thus, the bearish forces are strong as of now. Therefore, the price downswing is expected to continue today and tomorrow.