The month of September for WAVES didn’t look good as the coin registered a sharp downward pattern. As WAVES fell below $4.6, the market looks bearish.
- The crypto market is looking bearish in WAVES
- WAVES key support retests the $4.3 zone
- OBV shows a weakening in selling volume
Bitcoin, the crypto kingpin, reached $19.8K. This forced the bears out and allowed the bulls recharge.
If Bitcoin plummets below $19K it could pull down all other cryptocurrency.
WAVES on the other side has made some progress, as it has risen above the $4 mark in the last 2 days.
Waves is a multi-purpose blockchain platform which supports different types of use cases including decentralized applications and smart contracts.
The blockchain platform’s native token is WAVES, an uncapped supply coin used for payments such as block rewards.
Key Resistance Zone Revisited at $4.3
WAVES, based on its 4-hour chart showed that WAVES was capable of recovering and jumping to the $4.3 mark following the recent correction.
The WAVES price will rebound in the $4.5 to $4.6 range over the coming days. The key support zone at $4.3 was rediscovered as a resistance zone a few days back.
Its price fell below $4 earlier. It fell once more or returned to $4.3 on the 1-hour chart following this setback.
It is widely believed that the bullish price for longer periods of time is much more extreme than bearish. As we have seen in recent weeks, the market has begun to lean toward sellers.
WAVES aspired to break the $4.3 barrier a few weeks ago, but they were stopped by the courts and moved towards the $3.9 limit instead.
With that being said, going long in the $4.02 support level wouldn’t be a wise move, especially with the risks involved.
Since the token could not hold on to the $4 zone strongly, the bears gained enough traction that they were able to control the market. The bears will also have a selling chance once the $4 mark is retested.
WAVES RSI falls below 50
According to CoinMarketCapAs of press time, the WAVES stock price has risen by 2.53% and is trading at $4.01.
The Fibonacci retracement levels at the $4.0 and $4.09 range can hinder the buyers’ intent to press on the gas in terms of prices.
The token’s relative strength index is seen to have traversed below 50 further strengthening the validation of bearish momentum.
The CMF has also fallen below the -0.06 mark, indicating capital loss. The token may signify weaker selling, as shown in recent days. Even more, OBV does not indicate a sharp pullback.
It is believed that the price fell below $4. The price was seen to stop at $3.94, which could indicate a potential selling opportunity.
Crypto market cap total at $902 Billion according to the Daily Chart | Source: TradingView.com Featured image taken from The Coin Republic. Chart by TradingView.com The analysis is a personal opinion of the author and should not be considered investment advice.