WAVES Technical Analysis: Must Surpass $20 To Continue The Uptrend

Key technical points:

Past Performance of WAVES

WAVES coin price shows higher price rejection from $20 after the crazy buying spree started with the $10-$12 range breakout. The long tails appearance resulted in the decline to the support confluence of the 200-day EMA and $17. Hence, a decrease in buyers is evident as the buying spree takes a breather. 

Source-Tradingview

WAVES Technical Analysis 

WAVES prices take hold at the $17-$18 emotional barrier and a hint of a reversal to reach $20 in upcoming sessions. However, the bullish attempts fail to withstand the selling pressure at $20.

The sudden reversal in the 50 and 100-day EMA as the prices skyrocketed last week indicates bullish crossovers with the 200-day EMA. However, the hunt for a power grab might result in a downfall in the altcoin that may lead to the bearish continuation in EMAs.

DMI Indicator: ADX surpasses the 35% mark with a parabolic growth crossing above the +DI line. The DI lines maintain a bullish alignment but show a reversal to approach one another. However, the DI lines maintain a vast gap and provide enough time to retain the bullish path. 

MACD Indicator: The MACD histograms show a falling distribution as the fast and slow lines struggle to maintain the uptrend. With the fast line showing a flattish movement, a bearish crossover is on the rise. 

In a nutshell, WAVES technical analysis provides the limelight to the formidable sellers withholding the $20 mark.

Upcoming Trend

WAVES coin price must surpass the $20 mark and withstand the selling pressure to continue the uptrend journey. Otherwise, the bullish thesis mentioned in our previous article will be nullified. 

If so, the bears will regain trend control, and a reversal to $15 will put the altcoin under consolidation. 

Support Levels: $17 and $15

Resistance Levels: $20 and $22