Waves broke its market structure and resorted to the bullish within the previous week as buyers drove the alternative token beyond vital resistance zones. The upside moves confirmed the chances of extended gains within the coming days. Can bulls show their determination and defend the support territory at $4.57 – $4.7?
WAVES 4Hr Timeframe
August sessions saw massive downsides dominating the altcoin. The southward journey had prices securing some footing at $5.5 and then $4.7. Thus, WAVES revealed some crucial zones according to last month’s price action.
The initial crucial level stands at $4.7. The alt saw a bounce from this area to $5.28 during August sessions but could not sustain the steam one week later. That market the zone as a crucial supply area and a bearish block.
September saw WAVES testing this resistance territory several times. The bulls eventually saw some success. The last week noted a massive uptick, pushing the alt to $5.26. That saw it nearing the previous resistance of $5.28. While publishing this post, WAVES seems ready for upsides from its immediate support area.
Meanwhile, northbound tendencies would present a take-profit opportunity at $5.28. The 0.236 FIB extension mark lay at $5.52 and boasted impressive confluence with a substantially horizontal support zone. The Relative Strength Index stayed beyond the 50-neutral without visible divergences.
WAVES 1Hr Timeframe
The 1hr chart indicated the decline seen within the last few days. The OBV (on-balance volume) witnessed a dip recently. That showed some selling momentum amidst the slump from the $5.2 mark.
The Bollinger Bands constricted at the 24hr price chart, indicating a consolidation phase. Also, the BB width index seemed to drop in recent hours. It has confirmed $4.7 as a substantial level to watch. An upside move will likely follow, provided bulls defend this value area.
The price chart confirmed the chances of a ‘buy’ opportunity around the $4.7 mark, with a stop-loss near $4.57. Nevertheless, these developments rely massively on Bitcoin and whether bulls will maintain the dominant crypto beyond the $22K level.
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