WAVES traded higher as crypto markets increased marginally to begin the week. Although the weekend’s red wave has not fully faded, FLOW was also able to move higher on Monday.
WAVER
The WAVES index rose for the second straight session, breaking through its long-term resistance.
Today’s move in WAVES/USD saw prices break through its long-term resistance level of $19.55, rising to a 3-month high in the process.
At the time of writing, WAVES was up 17.2% and reached an intraday peak of $21.86, its highest point since December 4.
WAVES was able to move closer to $23.00 as a ceiling. The 14-day RSI remained high above the overbought zone.
Price strength is currently at 78.4, after it was at 72 yesterday. Its highest point since August, when the crypto market had reached new heights.
Even though we may see marginal gains in the future, some might find it difficult to believe that this week’s run will last.
FLOW
Although it didn’t climb by nearly as much as WAVES, FLOW did rebound to start the week, following yesterday’s drop in price.
FLOW/USD rallied from its support level of $5.45 on Monday, to hit an intraday high of $5.91 earlier in today’s session.
The floor of the 14-day RSI 41.30 was held steady, allowing bulls to reenter today’s market.
The chart shows that this indicator is now at the 45.06 mark. It also comes at a time when the moving averages 10/25-days and 15/25-days are pointing upwards.
If that happens, $6.90 will be likely to become bulls’ next target. This is likely because they have probably already entered the market.
Are you able to reach $6.90 this week? We’d love to hear your comments.
Credit for the imageShutterstock. Pixabay. Wiki Commons
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