Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6?

Christian Encila

Last Updated: September 24, 2022 3:28 pm

3 mins read

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The month of September for WAVES didn’t look good as the coin registered a sharp downward pattern. The market is looking bearish as WAVES slipped below the key $4.6 level.

Crypto market looking bearish for WAVES
WAVES key support retests the $4.3 zone
OBV shows a weakening in selling volume

Bitcoin, the king of crypto, climbed to $19.8K, forcing the retreat of the bears and allowing the bulls to recharge.

In the event that Bitcoin nosedives lower than $19K, this could inevitably pull the other cryptocurrencies down with it.

On the other hand, WAVES has shown some improvement as it dashes above the $4 zone in the last two days.

Waves is a multi-purpose blockchain platform which supports different types of use cases including decentralized applications and smart contracts.

The blockchain platform’s native token is WAVES, an uncapped supply coin used for payments such as block rewards.

$4.3 Revisited As Key Resistance Zone

Based on the 4-hour chart, WAVES was able to recover and jump to the $4.3 level following its recent correction.

In the next days, WAVES price is seen to bounce back in the $4.5-$4.6 range. A couple of days ago, the key support found at $4.3 have been revisited as a key resistance zone.

Source: TradingView.com

Earlier, its price has once again dropped below the $4 range. On the 1-hour chart, it retreated once again or back to the $4.3 level following its latest setback.

The price on the higher timeframes is seen to be massively bearish than bullish. Additionally, the market is now leaning toward the sellers as noted in the past few weeks.

WAVES was aiming to hit the $4.3 mark a few days ago but was barred and pushed towards the $3.9 mark instead.

With that being said, going long in the $4.02 support level wouldn’t be a wise move, especially with the risks involved.

With the token unable to clutch strongly on the $4 zone, this led to the bears gaining enough traction to dominate. Additionally, a selling opportunity is predicted to occur once a retest is done on the $4 mark.

WAVES RSI Falls Below 50

According to CoinMarketCap, WAVES price is up by 2.53% or trading at $4.01 as of press time.

The Fibonacci retracement levels at the $4.0 and $4.09 range can hinder the buyers’ intent to press on the gas in terms of prices.

The token’s relative strength index is seen to have traversed below 50 further strengthening the validation of bearish momentum.

Also, the CMF is seen to have dropped beneath the -0.06 level showing the rapid loss of capital. In terms of On Balance Volume, the token seems to signify weakened selling as seen in the past few days. More so, the OBV also shows that there is no indication of a sharp pullback.

The price is seen to have plunged below the $4 mark. It was seen to pause at the $3.94 level which means a retest at the $4 mark could tick off a selling opportunity.

Crypto total market cap at $902 billion on the daily chart | Source: TradingView.com

Featured image from The Coin Republic, Chart: TradingView.com

(The analysis represents the author's personal views and should not be construed as investment advice).

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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