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.
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.
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.
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