Waves (WAVES) price experienced a substantial inflow early this week, jumping beyond the resistance at $6. Nevertheless, a down-facing trend-line of the plunging triangle setup prevented continued recovery, plunging the token beneath $6. Massive selling might see WAVES sliding towards the bottom support at $4.3.
- Failure to stabilize beyond the $6 mark might see WAVES plunging to $4.3.
- Buyers ensure massive support at the $4.3 barrier.
- WAVES intraday trading volume is $816.9M, suggesting a 56.5% upswing.
WAVES/USDT recorded an enormous crash as the USDN stablecoin de-pegged from the US dollar. That saw Waves plummeting towards the $4.16 low. Meanwhile, the May-end uptick attempted to propel the alt higher but could not overcome the $12 value area.
June’s second week triggered another selling wave, dragging the token back to the $4.16 level. The barrier halted the plunging price twice, authorizing it as dependable support.
18 June sessions saw WAVES rebounding from the foothold at $4.3, breaching the closest $6 resistance zone with a bullish candlestick. Nevertheless, this was a fakeout as the long candle had a closing under $6. Persistent selling pressure might see the altcoin losing 30% towards the $4.3 bottom support.
Furthermore, the technical chart indicates a plummeting triangle setup strengthened sellers for the fakeout, and their response might see WAVES holders losing the support at $4.16.
Technical Indicator
WAVES could not sustain beyond the Bollinger Bands’ midline, revealing the fakeout narrative from the $6 mark. Such a development will support downside price actions towards $4.3.
Considering the previous $4.3 support twice retest, the 24hr Relative Strength Index highlights a visible positive deviation. Meanwhile, the divergence confirms surged bullish momentum, indicating a potential bullish break from the highlighted pattern.
- Resistance zones – $7.38, then $8.34.
- Support zones – $5.21, then $4.3.
Meanwhile, enthusiasts should consider broad market sentiments as they can shift WAVES’ trajectory. While publishing this blog, bulls attempt an upswing, following slight overnight upticks.
However, bulls need massive volumes to sustain the uptrends. Bearish sentiments prevail in the marketplace, highlighting downside potential in most assets. WAVES might face challenges steadying beyond the $6 value area.
