WAVES Technical Analysis: Bearish Takeover Preps $5.70 Breakout

WAVES prices succumb under the growing bearish pressure and hints of a downtrend continuation with the breakout of $5.70. Key technical points: WAVES prices have fallen 16.14% in the last 24 hours. The MACD indicator shows a high possibility of a bullish crossover. The 24-hour trading volume of Waves is $329 Million, reflecting a fall of 20%. Past Performance of WAVES WAVES prices are highly influenced by the broader price movements of the cryptocurrency market, as selling pressure is increasing drastically. Over the past six weeks, the market value has dropped around 90% as the prices dropped from $54 to $5.80. Source-Tradingview WAVES Technical Analysis When the bearish retracement hits the resistance level, the wave price indicates a downward trend in the volume of trading. This increases the probability that a bottom will double, and offers a bullish reversal chance. In the wake of the recent bearish crossover between the EMAs 100 and 200 the crucial EMAs 50, 100, and 200-days continue to show a downward trend and reach bearish alignment. In the case of momentum indicators, RSI levels continue to decline and then plunge into the oversold zone before testing the 14-day SMA that acts as a dynamic resistance. Moreover, the RSI slope suggests positive divergence during the two previous dips, signaling a possible trend reversal. The decreasing bearish spread is a reflection of the growing bullish impact in both the MACD and sig...