Though the largest cryptocurrency, Bitcoin, is on its fifth losing streak, the Waves coin fights off the broader market sentiment and turns green on the intraday chart. The altcoin rebounds from the $12.75-$12 support zone with a morning star candle and reaches the $14.48 mark. The WAVES price shows a 12.3% intraday pump with eyes on the $17 mark.
Key points:
- The prevailing market sentiment triggers a death crossover among the 50-and-20-day EMA
- The WAVES price shows a bearish engulfing candle on the monthly chart
- The intraday trading volume in the WAVES is $564.2 Million, indicating a 64.5% hike
Source- Tradingview
April was one of the worst trading months for WAVES holders, registering a total loss of 76.5%. The altcoin turned down from the record high of $62.36 and breached multiple support levels before hitting its current foothold at $12.
On May 5th, the WAVES buyers attempted to breach an overhead resistance of $17; however, the ongoing sell-off in the crypto market raised the selling pressure. As a result, the altcoin dipped 24% lower to retest $12 support again.
However, even though the market continues to follow a red flag, the WAVES is 12% high on the intraday level, making its way to $17.
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If WAVES buyers manage to breach the resistance level this time, the follow-up rally will soar the altcoin 18% high to the $20 psychological level.
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The bullish thesis invalidates if sellers dump the coin price below the $12 mark, threatening a freefall to 30%.
Technical indicator
The declining 50-day EMA offers a death crossover with a 200-day EMA. This sell signal could obstruct the potential bull run.
On a contrary note, a significant bullish divergence in the daily-RSI slope suggests the demand pressure at $12 support. The rising bullish momentum would bolster the $17 breakout.
- Resistance level- $17 and $20
- Support levels- $12 and $8.35
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