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Analysis

WAVES Price Indicate Pullback To $41.8 Support

March 31, 2022 - Around 2 mins mins to read

The WAVES/USDT pair has been one of the top gainers in March 2022, up 230% since the start of the month. This exponential growth was fueled by a slew of good news, including: ‘Waves Labs,’ a new venture based in the United States, has been launched. An announcement regarding the transition to Waves 2.0. Its collaboration with Allbridge.

Allbridge Enters into a Partnership with Waves
Allbridge Enters into a Partnership with Waves

From mid-October 2021 to early February 2022, the WAVES price experienced a one-sided downfall2, bringing the altcoin down to $8. On February 7th, the coin broke through the downtrend carrying resistance trendline, indicating an impending reversal.

The price rebounded and gave a bullish breakout from the $14.5 local resistance after its third retest to $8 support. The post-retest rally triggered a massive pump, boosting altcoin to new highs on the price chart.

WAVES Price
Source: TradingView

The bull run sliced through crucial resistance levels such as $22.5, $33.8, and the All-Time High of $41.85. Buyers pushed the price to a New All-Time High of $60, representing a 270% gain from the beginning of the month.

On March 30th, however, the daily candle displayed a long-tail rejection from the $60 mark, indicating that sellers are rejecting at a higher price. Today (March 31st), the altcoin is down 4%, indicating a possible retracement before the next leg-up. The expected pullback could seek support at $44.85 or $33.8. The slope of the daily-RSI indicator spikes into the overbought zone, bolstering a minor correction.

The important DMAs (20, 50, 100, and 200) are left behind by the fast-moving price. However, the coin price cannot remain too far away from its average for too long, so a pullback is required to maintain a healthy rally.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

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Analysis, Market

WAVES Price Indicate Pullback To $41.8 Support

The WAVES/USDT pair has been one of the top gainers in March 2022, up 230% since the start of the month. This exponential growth was fueled by a slew of good news, including: ‘Waves Labs,’ a new venture based in the United States, has been launched. An announcement regarding the transition to Waves 2.0. Its collaboration with Allbridge.

Allbridge Enters into a Partnership with Waves
Allbridge Enters into a Partnership with Waves

From mid-October 2021 to early February 2022, the WAVES price experienced a one-sided downfall2, bringing the altcoin down to $8. On February 7th, the coin broke through the downtrend carrying resistance trendline, indicating an impending reversal.

The price rebounded and gave a bullish breakout from the $14.5 local resistance after its third retest to $8 support. The post-retest rally triggered a massive pump, boosting altcoin to new highs on the price chart.

WAVES Price
Source: TradingView

The bull run sliced through crucial resistance levels such as $22.5, $33.8, and the All-Time High of $41.85. Buyers pushed the price to a New All-Time High of $60, representing a 270% gain from the beginning of the month.

On March 30th, however, the daily candle displayed a long-tail rejection from the $60 mark, indicating that sellers are rejecting at a higher price. Today (March 31st), the altcoin is down 4%, indicating a possible retracement before the next leg-up. The expected pullback could seek support at $44.85 or $33.8. The slope of the daily-RSI indicator spikes into the overbought zone, bolstering a minor correction.

The important DMAs (20, 50, 100, and 200) are left behind by the fast-moving price. However, the coin price cannot remain too far away from its average for too long, so a pullback is required to maintain a healthy rally.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

KAZ

CoinCu News

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