43 minutes ago | Michael Fasogbon
Key takeaways
- WAVES is one of the best-performing coins in December
- A drop in volume might turn it bearish
WAVES is a cryptocurrency platform with a native token, which launched in 2016 following an ICO that raised around 30,000 BTC or $16 million. The aim of the platform is to facilitate the trading of digital assets of all kinds as well as real-world commodities. Similar to Ethereum, anyone can create a custom token and trade it on the Waves platform.
| ⠀WAVES price: | $0.865 |
|---|---|
| ⠀Key WAVES resistance levels: | $0.90, $1, $1.20 |
| ⠀Key WAVES support levels: | $0.75, $0.53, $0.40 |
*Price at the time of writing
WAVES Long-Term Price Prediction: Bullish
WAVES has been one of the best performing coins in December despite the important drop from $0.61 to $0.53 in the first 11 days of the month reaching a year-to-date low (the glitch on WAVES/USDT market on Binance is not counted). On December 11, WAVES got some momentum and cleared the $0.60 resistance with relative ease.
The 47th largest cryptocurrency by market cap is now consolidating around $0.85 after seeing multiple rejections at $0.90. Should we pass $0.90 with convincing volume, we should clear the psychological $1 and perhaps even reach $1.2 where the next resistance level is located.
If the bears are in charge, the market may fall to $0.71 and retest the yearly lows at $0.53 or even lower at $0.40.
However, Waves price is still floating in the RSI bullish zones. The MACD still keeps the bulls’ hope alive. Nonetheless, a small drop down the lower band of the bullish flag is expected before a further increase.
WAVES Medium Term Price Prediction: Neutral
Waves is still trading in a neutral-bullish zone on the 4-hours chart but the market has currently reached a critical point where a bounce or break is likely to trigger the next major move. Bouncing off the 15-day long ascending line in yellow would provide another buying opportunity we might experience a price hike close to $1.
On the other hand, a clear break below this yellow line would cause a lot of selling pressure to $0.80, $0.70 and potentially even $0.55 support.
Another thing to look at here is the MACD indicator which is almost crossing to the negative zone. The RSI is revealed downward but now positioned sideways to reveal an indecisive market. A heavy drop is most likely to play out if Waves falls beneath $0.80. Additionally, the chart’s volumes are showing a low reading, suggesting a potential decline.
WAVES Short Term Price Prediction: Bearish
The much-anticipated move is already playing out on a lower timeframe, although Waves has now encountered support on the yellow-dotted line forming since December 16. A drive beneath this line would allow selling to the channel’s support at $0.8, confirming a short-term bearish trend.
Meanwhile, the RSI is now well below the 50 levels to show that the bears have returned into the market. In fact, the recent bearish cross on the MACD suggests an incoming selling pressure in the Waves market. However, if the price bounces off the current support line, the market could climb back to $0.90.
Conclusion
After hitting $0.98 5 days ago, Waves started losing momentum and is currently trading in a downward-sloping channel. If the price drives lower, we should see a further collapse to support levels unless buyers turn active and the volume picks up.
