WAVES Technical Analysis: Bearish EMAs Challenge The Bullish Growth

After a failed head and shoulder pattern, WAVES coin price shows a consolidation range between $8 and $12. Will the reversal break above $12? The WAVES coin price reverses from the $8 mark, failing a head and shoulder pattern. The reversal brings a 30% price jump that challenges the 50-day EMA and hints at a range breakout. Will the sudden reversal rise above the 50-day EMA?

Key technical points:

• WAVES price action challenges the 50-day EMA
• The RSI slope surpasses the central mark
• The 24-hour trading volume in the WAVES token is $324 Million, indicating a 50% rise. 

Past Performance of WAVES

With the failure of the bearish continuation of a head and shoulder pattern, the WAVES coin price rises 30% higher from the $8 mark. The reversal marks the start of a consolidation range, with the 50-day EMA projecting the possibility of an early reversal. However, the increased trend momentum launches the case of a range breakout. 

Source-Tradingview

WAVES Technical Analysis 

The bullish rally in the WAVES coin price created multiple bullish candles in the last week with increased trading volume. Hence, the price action reflects an increased trend momentum that may surpass $12 to reach $18. The altcoin price chart shows the crucial EMAs- 50, 100, and 200 maintaining a bearish alignment. The ongoing rally struggles to surpass the 50-day EMA, which will reach the 200-day EMA if successful.  The DMI indicator shows the DI lines maintain a bullish growth after the recent crossover marking the trend reversal. Moreover, the ADX line projects a gradual rise keeping the increased trend momentum. The RSI Indicator slope shows a linear growth that surpasses the halfway mark and the 14-day average. Moreover, the 14-day SMA takes a sharp reversal and may shortly outperform the 50% mark.  In short, the WAVES technical analysis projects a bullish sentiment and increased chances of a consolidation range.

Upcoming Trend

The WAVES coin price shows increased anticipation of an upcoming bullish trend which may shortly break the consolidation range. The post-breakout rally can reach the 200-day EMA to the $18 mark. However, if bears step in at $14, an early reversal is possible. Support Levels: $12 and $14 Resistance Levels: $10 and $8

   
Source