Can This Be A Reliable Bounce Back?
WAVES price bucks the previous session’s trading momentum on Wednesday. The price manages to rebound from the lows around $11.80 and oscillates around a critical level. To manage the uptrend the price must stay above $14.0.
- WAVES price records 12% gains on Wednesday makes room for more gains, possibly.
- Investors can expect WAVES to continue to move higher and retest the daily supply zone extending from $17.70 to $16.0
- A jump in trading volume on the 4-hour chart supports the bullish bias.
As of press time, WAVES/USD is trading at $13.62 up 12.03% for the day. The 24-hour trading volume of the cryptocurrency is holding at $517,810,244 as updated by CoinMarketCap.
WAVES price looks for reversal
WAVES price has been trading in a medium-term downside momentum since March 31. WAVES concluded a more than 600% upside run with record highs of $63.69. But the bulls lack the conviction to carry forward the gains further. WAVES dropped sharply to touch the pre-support level near $11.
However, the mentioned support acted as the cushion for the falling prices. As looking at the 4-hour chart, the price challenges the prevailing trend as it attempted to test the 50-day EMA (Exponential Moving Average at $14.22.
Now, a sustained buying pressure could push the price further towards the higher side at least in the short term as a technical bounce back. A decisive break above the mentioned level would pave the way for $16.0 next.
Next, market participants would pick up the pace to take out $18.0.
The Relative Strength Index (RSI) rises sharply above the average line with a jump toward 60. This indicates bulls are in control of the price.
On the other hand, a daily break below the session’s low will trigger a fresh round of selling in the asset. In that case, the sellers would like to revisit lows last seen in February near $8.80.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.