Waves Lose Over 50% in 30 Days; Turns Completely Bearish

Waves—a platform that aims at forming a strategic ecosystem to amplify the transition towards decentralization, wherein an individual takes the command of its funds and assets.

Moreover, after having traded sideways, the coin regains the lost momentum and breaches a 2-year resistance above $4.5. WAVES, in the first half of the ongoing year, was seen holding a flattish trend against the US Dollar on the 24-hour chart.

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The coin gives up the farfetched returns at the onset of the ongoing month when the market crashed in the intraday with a long bearish candlestick.

WAVES Price Analysis

Waves Price News
WAVES/USD Chart By TradingView

Today, at the press time, Waves was seen trading at $2.307 after a bearish candlewick dip from $3.5 to a daily of $2.1. The currency lost as much as 40% in less than 24 hours at the onset of the ongoing month. With the steep crash of the market, WAVES/USD plummeted to test 50-day MA support at $2.5 but holds complete support from 200-day daily MA at $1.4.

With the bearish correction, the price trend of Waves has breached the lower Bollinger Band, and alongside, the coin has lost approximately 55% in a period of 30 days. The other two technical, i.e., MACD chart and the RSI, anticipate the loss of gains drawing a bearish divergence on one while the other indicator slides towards the major support and lies at 40.13.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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