WAVES Technical Analysis: Uptrend Skyrockets Above $20 Mark

Key technical points:

Past Performance of WAVES

WAVES prices show an overnight growth of 26% resulting in the breakout of $20 and creating a bullish engulfing candlestick in the daily chart. The engulfing candle undermines the previous higher price rejection candlesticks and the sellers at $20. The altcoin shows a bullish continuation at press time and breaks above $23.

Source-Tradingview

WAVES Technical Analysis 

WAVES prices show an uptrend continuation with the recent bullish rally after the $17 and 200-day EMA retest. Hence, the upcoming rally might shortly approach $25 as buying pressure increases, evidenced by the growth in trading volume. 

The 50 and 100-day EMAs take a sharp reversal and might shortly give a bullish crossover in the daily chart. Moreover, the rally continues after a 200-day EMA retest. Therefore, the EMAs can continue to provide emotional support to the rising prices. 

RSI Indicator: The RSI slope persists in the overbought territory and surpasses the 80% mark with the ongoing uptrend. However, the rising trend might show a short-term retracement to unsaturate the overbought nature. 

Stochastic RSI Indicator: The K and D lines move sideways as they give a sharp reversal with a bullish crossover. 

In a nutshell, WAVES technical analysis shows a high likelihood of a bullish continuation to the $25 mark. 

Upcoming Trend

WAVES coin price action showcases a rise in the buying pressure that may shortly surpass the $25 mark and continue the bullish rally. However, closing below the $20 mark will invalidate the bullish thesis and draw the price back to the 200-day EMA.

Support Levels: $20 and $17

Resistance Levels: $25 and $30