Crypto Analysis

WAVES Cryptocurrency Rally While Bitcoin, Ethereum and Ripple Tumble

WAVES price formed a solid support near $2.50 and bounced back above $2.85 despite bearish movies in bitcoin, Ethereum, ripple and other altcoins. Can WAVES/USD climb above $3.00?

Key Talking Points

  • WAVES price rallied recently and broke the $2.60 and $2.80 resistance levels (Data feed of Binance) against the US Dollar.
  • There was a break below a major bearish trend line with resistance at $2.90 on the 4-hours chart of the WAVES/USD pair.
  • Bitcoin, Ethereum, ripple, litecoin and other cryptocurrencies suffered heavy losses recently.

WAVES Cryptocurrency Price Analysis

Recently, we saw a lot of bearish moves in bitcoin, Ethereum, tron, ripple, litecoin and other altcoins. However, WAVES cryptocurrency remained supported and it bounced back above the $2.80 resistance.

WAVES, bitcoin, Ethereum, tron, ripple, litecoin, EOS, bitcoin cash, and other altcoins

Looking at the chart, there was a strong support base formed near the $2.50 level. The price started a solid upward move and traded above the $2.65 and $2.80 resistance levels. There was also a break above the 50% Fib retracement level of the last decline from the $3.24 high to $2.50 swing low.

More importantly, there was a break below a major bearish trend line with resistance at $2.90 on the 4-hours chart of the WAVES/USD pair. The pair also settled above the $2.80 resistance and the 100 simple moving average (4-hours).

It has opened the doors for more gains above the $2.90 level. The pair may soon clear the $3.00 barrier and the 61.8% Fib retracement level of the last decline from the $3.24 high to $2.50 swing low.

Above $3.00, there are chances of more gains above the $3.05 and $3.10 levels. On the downside, an initial support is at $2.85, below which the price may test $2.80. The main support for the current wave is near the $2.70 level and the 100 simple moving average (4-hours).

Overall, WAVES cryptocurrency is showing a lot of positive signs despite bearish moves in bitcoin, Ethereum, tron, ripple, litecoin, EOS, bitcoin cash, and other altcoins. There are chances of more gains above the $3.00 and $3.05 levels in the short term.

The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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