- Finally, WAVES has succumbed to the US dollar's weighty pressure as $1.80 mark strong support level of the market has been breached southbound.
- A strong bullish engulfing candlestick is needed to form around the Bollinger Lower Band to signify any possible end of the present downturn of the crypto-market.
WAVES/USD Medium-term Trend: Bearish
- Resistance levels: $2.20, $2.40, $2.60
- Support levels: $1.20, $1, $0.80
At last, the US dollar further exerts pressure on WAVES to the downside of the market’s trend. The crypto’s price has been going dip since July 7 while the market hit resistance around $2.20 mark. And, now, a new low point has been achieved since the inception of the crypto-trade.
The Bollinger Middle Band has intercepted the 50-day SMA from the top to indicate the intensity of the downward pressure. The Stochastic Oscillators have penetrated into the oversold zone to consolidate within it.
As the WAVES/USD market has come under bearish forces, the downward movement may continue slowly until another lower line of choppy moves occurs. Therefore, traders need to exercise some levels of cautiousness in opening a position now.
WAVES/USD Short-term Trend: Bearish
Yesterday’s trading operations of the WAVES/USD market saw a relative decrease in valuation. Today, the crypto has been put under a more selling pressure by the USD from a point $1.70 down briefly past a lower mark at $1.50.
Price has been trading around the trend-line of the Bollinger Lower Band. The 50-day SMA is located over the Bollinger Middle Band. The Stochastic Oscillators have slightly crossed at range 40. And, they appear to point to the south possibly afterward.
There are probabilities that these market may continue to succumb to downward pressure below $1.70 horizontal price mark. A strong bullish engulfing candlestick is needed to form around the Bollinger Lower Band to signify any possible end of the present downturn of the crypto-market.
Live waves (WAVES) Price:
1 WAVES/USD =$2.4947 change ~ 6.98%
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