WAVES dropped by as much as 17% in today’s session, as crypto markets as a whole traded mostly in the red. SOL and NEAR were two notable tokens to fall in today’s session, with AVAX also falling by double digits today.
WAVES
Waves dropped again for the second session in succession, with prices moving towards the support level long-term on Friday.
Following yesterday’s false breakout of the $16.70 resistance level, WAVES/USD slipped to an intraday low of $12.90 earlier in the day.
This drop sees prices over 17% lower than Thursday’s peak, and now on the verge of hitting a floor of $11.50.
We spoke of WAVES as one the largest bullish movers two days back, shortly after it rose off this support. However, it seems that the tables are now turning.
This chart clearly shows that this fall was caused by the fact that price strength did not surpass the resistance of 40.10 (14-day RSI).
You might witness bulls trying to reenter if we cross this support point. This would be similar to Wednesday’s events.
Avalanche (AVAX)
Although SOL fell to a one-month low today, with NEAR also dropping by over 15%, AVAX was Friday’s second-biggest mover.
The world’s thirteenth-largest cryptocurrency fell to an intraday low of $55.42, following yesterday’s peak at $64.16.
Prices fell to their lowest level in four months on January 23, when they were below $55.
The chart shows that prices have risen marginally from support of $56.50 at present, but bulls lifted prices slightly above the floor four months ago.
A support point in the Relative Strength Index 14-day, currently at 34.20, is another floor that has been stable.
We could see a rebound heading into this weekend if we can maintain the same level of support.
Is bearish pressure continuing to push crypto prices lower this week. We’d love to hear your comments.
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