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Waves price analysis: is Waves gearing up to test the $3.88 resistance as bearish momentum fades away?

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Waves price analysis is somewhat bearish today, in line with the overall sentiment of the cryptocurrency market. Its price has consolidated sideways for the last few days and traded in a range of $3.73 and $4.11. Waves is expected to continue in moving in this range for the next 24 hours.

crypto heat map
Cryptocurrency heat map by Coin360

The crypto heat map above gives us an overall picture of the market. We can see that Ethereum has gone down by 0.62 percent while Bitcoin’s price has reduced by 0.76 percent. As always, the rest of the altcoins follow the same course.

1-day Waves price analysis
Waves Price Chart by TradingView

Now, the daily Waves price analysis chart gives us a quick look at the market’s condition in the last few days. There was a huge dip on the 18th of September, after which Waves has consolidated sideways for the most part.

We are yet to see another rapid price action. But when can we expect it, is the real question? Well, for now, it looks like the market is quite stable as the RSI is at 38, and the MACD shows a very slight improvement in the bullish momentum. It looks like Waves might stay in the range for another 24 hours.

Waves 24-hour price movement                                       

1-hour Waves price analysis
Waves Price Chart by TradingView

On a much smaller timeframe, we can see that the Waves price analysis is still quite bearish, but the bullish momentum is slowly building up. After a bearish day and a small dip, Waves is struggling to recover again and retest the resistance around $3.88.

Overall, the price of waves price analysis has gone down by 0.80 percent over the last 24 hours. The 24-hour trading volume has also gone down by roughly 12 percent, leaving its volume-to-market cap ratio at 0.1216.

The MACD on the 1-hour chart shows that the histograms are in green. This suggests that the bullish momentum is building up. So, in the short-term, we might see some increase in the price over the next few hours.

4-hour Waves price analysis: is Waves getting ready to retest the $3.88 resistance?

4-hour Waves price analysis
Waves Price Chart by TradingView

A longer timeframe on the 4-hour chart also shows that Waves is trading in a range of $3.8 and $3.65 after the major dip that started on the 27th of September. Outside this range, $4.0 is where Waves will face massive resistance, while strong support can be expected at $3.65.

If we consider the overall negative sentiment of the market, then it is quite likely for Waves to fall below $3.65 when after retesting it again. But for now, the market seems balanced, which means that there is a high amount of uncertainty.

Waves price analysis: Conclusion

For now, Waves continues to trade in a range both on the hourly and the 4-hour chart. Massive resistance is set at $4.0, whereas Waves needs to break above the $3.88 level to get out of its current range. Over the next 24 hours, Waves may continue consolidating sideways on the larger time frame. While Waves consolidates sideways, consider reading about our top proof of stake coins.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and crypto. He also trades and invests in NFTs on the side, believing that NFTs will revolutionize many industries.

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