From January 01, 2021, $6, Waves cryptocurrency has moved more than 200% to date. While the current trading value of Waves is less than 60% from its all-time high of $42 on May 04, we are witnessing a bullish momentum on both weekly and monthly charts.
Waves is on its fourth attempt to break the resistance level of $16.85 to $18.5, rejection from this rejection level has been adding selling pressure on Waves cryptocurrency. WAVES is forming a bullish candle on the daily charts with a long wick candle. Since the development of a lower price rejection is a sign of bullish sentiment, we can thus expect the wave to cross the resistance zone and create a new price momentum.
Waves is currently retracing from the profit booking downtrend with an engulfing candle with an increasing hourly volume. Once, Waves manages to overcome the 100-day moving average placed around $18. Buying waves from current levels carries a high risk to reward ratio. But once it crosses the $18 range, we can expect Waves to retest $40 zones.
RSI on daily charts is quite positive, showing a level of 58 on histogram charts. The price action on the wave interprets a positive sentiment that can push it beyond $25 levels.