The V-top reversal from the $62.36 mark has plunged the WAVES price to $12 support. The falling price has breached multiple support levels and EMAs support, displaying a 78.23% loss. A failed attempt of altcoin to breach $16.7 resistance suggests the traders are aggressive selling on rallies.
Key points:
- The bearish rally triggers a death crossover between the 50-and-20-day EMA
- The WAVES price could soon retest the $12 support
- The intraday trading volume in the WAVES is $738.5 Million, indicating a 44.5% loss
Source- Tradingview
The WAVES price has witnessed a roller-coaster ride over the last two months. The ride started from the Feb-Mar rally, reaching a new All-Time High of the $62.36 mark, followed by a sudden drop in April.
The ongoing correction phase has registered a 78.23% loss from the record high and sank it to $12 support. On May 4th, the WAVES price attempted to rebound from the $12 mark with a bullish engulfing candle, but the buyers failed to surpass the immediate resistance of $16.7.
The bearish reversal plunged the WAVES price by 18.5% and dropped it to its current level of $13.5. The sustained selling would sink the coin price back to $12 to replenish the bullish momentum.
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If the WAVES price bounced back from this support, the WAVES price would soar 25% to rechallenge the $16.7 mark. The altcoin would overcome this barrier to strike the $20 psychological mark in a favorable bullish scenario.
Alternately, fallout from the $12 support would continue the ongoing correction and dump the coin price to February bottom support of $8
Technical indicator
The WAVES price trading below the downsloping EMAs(20, 50, 100, 200) reflects a solid bear trend. Moreover, a potential death crossover of the 50-and-200-day EMA would bolster the $12 breakdown.
However, the RSI slope shows a significant bullish divergence concerning the last retest to $12 support, suggesting the rising bullish momentum.
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