The Waves price analysis is bearish as selling pressure has built from the bearish side. The market followed the bullish trend for the past two days, and the coin gained significant value during this time, but a correction was due for continuing further upside later on.
The conditions have changed as the bears have resisted further up moves today, and the crypto pair has started a correction. However, support is present at $3.18, and if the support persists, then it may stop the price slippage below this point.
WAVES/USD 1-day price chart: price levels descend to $3.25
The 1-day price chart for Waves price analysis shows bears are defining the price curve today. The WAVES/USD is correcting after the bullish recovery of yesterday. The WAVES/USD pair is trading hands at $3.25 at the time of writing. The past week overall proved detrimental for the crypto pair as it lost around 1.60 percent value over this time despite the recovery made during the past two days. And today, the selling pressure has returned, and the trend is the same as the bears are defining the price function by bringing the price down.
The price has been trading below the moving average (MA), which is present at $3.37 The Bollinger Bands have been squeezed, which is a sign that the market is ready for a breakout. The relative strength index (RSI) is also confirming the downtrend for today as it is on a steep downwards curve at index 32.58, indicating the selling activity in the market.
Waves price analysis: Recent developments and further technical indications
The 4-hour price chart for Waves price analysis shows that bears are striving for the lead and have caused some damage to the overall value of the coin, but at the same time, the bulls have dodged the bearish pressure as support has appeared and the price function is headed up once again.
The Bollinger Bands on the 4-hour chart have been keeping their average at $3.24 below the price level, whilst the upper band is at $3.35, and the lower band is at the $3.15 mark. The RSI has fallen near the centerline of the neutral zone at index 38.90, but the curve is slowly turning upwards as the buying activity resumes in the market.
Waves price analysis conclusion
The Waves price analysis shows that the coin is correcting today and may continue to follow a downtrend for today as the broader market is bearish as well. The support present at $3.18 is strong enough to keep the crypto afloat above, but if the support falters, then WAVES/USD may roll down toward the $3.18 level.
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