- Course (WAVES): $8.67 (Previous week: $5.65)
- Resistances/Goals: $10.47, $11.77, $14.79, $16.28, $17.17, $20.36, $22.50, $35.69, $42.21
- Support: $6.01, $4.80, $4.13, $3.03, $2.13, $1.38
- Waves’ price has come under a lot of pressure in recent weeks, rushing south by 93 percent at the top, before the price stabilized at $ 4.13 in the last few trading days.
- The similarity to the Terra ecosystem (Waves also uses an algorithm-based stablecoin called Neutrino USD) fueled investors’ fear of a Terra LUNA déjà vu.
- Since the neutrino USD also had to give up its peg to the US dollar several times, investors sold their holdings to Waves, which additionally pushed the price south.
- Starting from the 52-week low at $ 4.13, the WAVES price initially recovered by 37 percentage points at the beginning of the week to the resistance at $ 7.93. Today, Tuesday, the WAVES course is increasing again and jumps to 24 hour visibility by another 57 percent to the north.
- It was only in the area of the green resistance zone that there were increased profit-taking, which allowed the WAVES price to consolidate to the current 8.67 USD.
- The recapture of the last striking historical low in the zone around $ 8.00 is bullish for the time being. If the buyer side manages to defend this support level in the coming days, resistance at $ 11.77 and above at $ 16.28 will initially become the focus of investors.
- Also with regard to the indicators, a bullish picture is emerging in the daily chart. The RSI indicator as well as the MACD have fresh buy signals.
- As long as the WAVES price does not sustainably fall back below the support level at USD 6.01, there are further opportunities for growth in the short term.
- On the other hand, a dynamic abandonment of the annual low at $ 4.13 would generate a new sell signal and activate the next bearish price target at $3.03.
Bullish variant (Waves)
- The WAVES price is currently joining the dynamic recovery rally of many altcoins and has increased in the top by 151 percentage points to $ 10.44 in the last two trading days, before a slight price consolidation back to $ 9.00 began in the last trading hours.
- As long as the WAVES price can stabilize above $ 7.93 at the end of the day, the bulls can expect a new attack in the direction of cross resistance at $ 11.77. In addition to the 38 Fibonacci retracement and the EMA50 (orange), the tear-off edge also runs here, the drop below which triggered the sell-off of the last trading weeks.
- If this strong resist can be broken this week, the chart picture of Waves will continue to brighten. The orange resistance zone between 14.79 USD and 17.17 USD should then be started. The 50 Fibonacci retracement at $ 16.28 as well as the cross resistance of EMA200 (blue) and the intermediate high of May 5 at $ 17.17 represent possible price targets for the coming trading days.
- In the first attempt, the WAVES course will initially fail here. Only when the mark of 17.17 USD is dynamically overcome, it is necessary to plan a trend sequence in the direction of the blue resistance zone in the medium term.
Increase back above $20 imaginable
- In addition to the strong horizontal resist at $ 20.36, investors will especially want to target the 61 Fibonacci retracement at $22.50. Once again, investors will increasingly cash in here. From the current point of view, this range can be derived as the maximum medium-term price target for the next few weeks.
- Only when the bull camp can stabilize waves above the 22.50 USD, a march through to the red resistance zone is also conceivable in the coming months.
- It is worth paying special attention to the resistance at $ 35.69. In addition to the 78 Fibonacci retracement of the complete downward movement, old price highs from September and October 2021 can also be found here. The red resistance range is to be regarded as the maximum target range for waves until further notice.
- At most, the WAVES price could jump with a spike up to $ 42.21. This price level was already a striking high in May 2021.
Bearish variant (Waves)
- The bears also did a lot of work on Waves, pushing the price back into the purple support area between $ 4.13 and $4.87.
- Only in the last trading days did the seller’s side run out of steam. The Bulls took the helm again as a result.
- However, as long as Waves cannot break out sustainably above the strong resistance at $ 11.77, a new sell-off can be expected at any time.
- A first indication of weakness would be seen in the renewed undershooting of the support at $ 7.93. If Waves slips below this price mark sustainably, a retest of support at $ 6.01 is likely.
- If this support is also abandoned again, a relapse into the purple support zone is to be planned.
- If Waves does not stabilize here, and falls below the annual low at $ 4.13, the correction movement is likely to expand again.
Plan new annual lows
- The bears will want to immediately target the first price target on the downside at $ 3.03.
- If there is also no bullish reversal movement in the area of $ 3.00, a relapse to the intermediate lows of October 2021 at $ 2.13 is also conceivable in the medium term. In this zone, the bulls will once again try to initiate a countermovement.
- If the overall market continues to decline in the medium term, a correction up to USD 1.38 is not excluded in the long term. However, this maximum bearish price target is likely to be achieved only if the leading crypto currency Bitcoin (BTC) corrects well below the psychological mark of $ 20,000.
Disclaimer: The price estimates presented on this page do not constitute buy or sell recommendations. They are just an analyst’s assessment.
The chart images were created with the help of TradingView created.
USD/EUR rate at the time of writing: 0.93 Euro.
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