Waves price analysis: Price recovers to a weekly high at $16 as bulls continue winning
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TL;DR Breakdown
- Waves price analysis is bullish.
- Price levels have increased to $16.6 today.
- Support at $16.5 has been reclaimed.
The Waves price analysis is bullish for today as the bulls have made good progress, and so far, their efforts have been productive as the price covered an upward range up to $16.6. As the sellers have been active previously, a constant downtrend has been following the market for the past few months. There have been instances when bullish activity was observed, but the overall lead has been for the bears. But now, the bulls are trying to make a comeback as a strong bullish streak was observed two weeks earlier, but the coin, after declining again, entered consolidation, and a sort of breakout upwards has been observed today.
WAVES/USD 1-day price chart: bulls rally towards $17 mark
The one-day Waves price analysis confirms that chances of recovery are rising for the bulls because of a sudden spike in price observed today. The crypto pair was consolidating for the past week as price oscillation was minimal. But today, a strong run from the bullish side was observed as the price increased up to the $16.6 level. The price is now trading above the moving average (MA) value which is $16.1.
As the price function remained slow for the past two weeks, the volatility has started to decline, and the Bollinger Bands average has dropped to $16.4. If we discuss the upper and lower values of the Bollinger Bands Indicator, then its upper end is standing at $18.6 while its lower back is at $14.2. The Relative Strength Index (RSI) has also increased up to index 45 after today’s bulls rally.
Waves price analysis: Recent developments and further technical indications
The 4-hours Waves price analysis also confirms the bullish trend as a good increase in WAVES/USD market value has been detected. Although the bulls controlled the market trends earlier, the latest development has been more aggressive as the price shot past the upper limit of the volatility indicator. The price is now present at $16.6 as a result of the latest bullish run. The short-term trending line is still moving ascendingly due to the previous uptrend. And the moving average value at present is $16.2 now.
The volatility is on the lower side, which means there is a high probability that an uptrend is coming ahead. The upper end of the Bollinger Bands Indicator is at $16.5, representing support for Waves price, whereas its lower limit is at $15.6. The RSI score has also improved to index 62 after the price spiking high during the last eight hours.
Waves price analysis: conclusion
The Waves price analysis is strongly bullish today as, despite the price breakout towards the downside, no further bearish activity has been observed during the day. Even bullish momentum has escalated during the last eight hours. The RSI curve is also hinting at a strong buying activity, and we expect Waves to continue upside for today towards the $17 range.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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