TA- Waves Protocol Looks Trapped In A Cage, Can Price Break Above $6?

Waves protocol’s (WAVES). The Waves protocol price (WAVES), has held steady against Tether ($USDT) in an attempt to break from this trend. The market trend has changed, but Waves protocol (WAVES), despite its recent movement, has not shown much to no notable change. However, altcoins have rallied, and experienced double-digit gains. (Binance data)

Weekly Chart Analyse for WAVES Protocol (WAVES).

Weekly Analysis of WAVES Prices Chart | Source: WAVESUSDT On Tradingview.com

The chart shows that WAVES reached a weekly low at $4.2, and then rebounded to $5. Considering its all-time high of more than $60, this isn’t much of a movement.

The weekly candle for WAVES closed with a bearish sentiment, while the new week’s candle appears bullish for price recovery.

As it tries to move out of its $4-$6.3 range, the price is struggling to gain momentum.

This structure will ensure that the WAVES weekly chart does not fall below $4. It could return quickly to support. This support zone must be maintained by WAVES to prevent them from falling below.

Weekly resistance for the price of WAVES – $6.3.

Weekly support for the price of WAVES – $4.

Daily (1D) Price of WAVES Chart Analysis

Source WAVESUSDT At Tradingview.com| Source: WAVESUSDT On Tradingview.com

If there are more buy orders WAVES could move to the upside. After having formed a channel range, a breakout would signal a continuation in the uptrend.

For bullish sentiment to be confirmed, the price must move in sufficient volumes to support the channel above it.

WAVES price has shown a slight bullish structure, ranging in a channel; if bulls step in, WAVES’ price could trend higher to a region of $10, acting as key resistance on the daily timeframe.

WAVES currently trades at $5.1, which is below the $50 Exponential Movement Average (EMA), of $5.7.

Relative Strength Index is (RSI), which indicates that there are minimal buy orders, and it’s above 40

Daily (1D) resistance for WAVES price – $6.3.

Daily (1D) support for WAVES price – $4.3.

Pricing Analysis Chart The Four-Hourly (4H), Price

The Analysis of the WAVES Price Chart for Four Hours | Source: WAVESUSDT On Tradingview.com

Price of Waves has struggled below 50 and 200 EMA price points, which are $5.1 and $5.5 respectively, and acting as resistance.

To assume a bullish mood, WAVES must break the 50/200 EMA. If WAVES does not break the $5.1/$5.5 resistance levels, WAVES could retest its $4 support level.

Volume 4H shows more sales orders and orders for buys that are needed to push prices out of their range.

The Use case for WAVESYou might be right.

Four Hourly (4H) resistance for WAVES price – $5.1, $5.5.

Four Hourly (4H) support for WAVES price – $4.

Featured image from zipmex. Charts by TradingView.com 


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