- WAVES value fell by 3.07% in the last 24 hours to $1.54.
- During the slump, WAVES price found support around $1.53.
- Bearish sentiment in WAVES market might continue in the foreseeable future as indicated by technical indicators.
The WAVES market started the day with a downward trend in trading prices. Despite bulls’ efforts to support Waves prices by setting a resistance at $1.62, the market has since shifted and prices have found support at $1.53. Prices for WAVES have dropped by 3.07% recently, with the cryptocurrency trading at $1.54.
Market Cap has fallen by around 3.14% to $167,820,843, and trading volume has fallen by around 20.19% to $61,347,346 in the last 24 hours, both of which lend credence to the current bullish sentiment in the market.
A bearish crossover pattern is formed when the 50-day moving average falls below the 200-day moving average. The current value of the 50-day moving average is 1.642, while the value of the 200-day moving average is 2.093. This evidence suggests that the bearish sentiment might continue in the waves market in the near term, hence investors’ be cautious with the market.
The fact that the Bull Bear Power (BBP) indicator is moving in a southern direction indicates that the market is very likely to continue moving in the same downward direction that it has been moving in recently. This bear strength is increasing, and investors should be on the lookout for an impending deeper market run because this bear strength is following a bearish trajectory, as indicated by a score of -0.054 for this indicator.
With a reading of -0.003 in the MACD line, a bearish sentiment may continue to be felt in the WAVES market in the near future. This is due to the fact that the MACD line is below the signal line, which supports the idea that bears are in control of the market and that this trend may continue in the WAVES market in the coming few hours. Also, the formation of the trajectory histogram in the negative region denotes that bears are in control of WAVES prices.
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On the 1-hour price chart for WAVES, the Relative Strength Index (RSI) is pointing up, which is good news for investors and traders. This means that WAVES prices may go up in the next few hours because the RSI is moving toward the “overbought” zone. Currently, the RSI indicator has readings of 37.72.
In conclusion, technical indicators show that the WAVES market is in a bearish run, but bulls should step in to keep the resistance level intact and the market afloat.
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