The Waves price analysis makes it quite evident that the cryptocurrency has been taking a serious beating on the price charts.
The four-hour moving average does not show promising results for the Waves/USD pair. Although, the pair appears bullish when the graph is analyzed for the part that skips ahead of the four-hour MA time frame.
The four-hour time frame is bearish and will surely register a breakout on the lower side. Spikes are expected as Waves trades in lower and lower to an All-time Low (ATL) since December 2018.
The head and shoulders pattern comes to view in the graph. The bad news: the graph is bullish with little chances of recovery before hitting an all-time low. The Waves/USD pair is nowhere near the safe zone.
The relative strength index (RSI) and the moving average convergence/divergence (MACD) have more bad news. Its buy time for Waves or else it will be difficult for it to climb back up. A bearish outlook indeed.
Waves price analysis – Medium-term
The sellers are in charge of things in this zone. The Waves/USD pair has a bearish trend on the daily time frame with trades being made under the key trend line support.
The cryptocurrency will not be seeing any action in the buying department anytime soon. The daily trading sessions see Waves in peril with the cryptocurrency being under the falling wedge pattern.
Regardless of their effectiveness, the technical indicators are trying to keep Waves aloof the oversold hood.
The emergence of a bullish pattern is imminent due to the falling wedge pattern currently clear on the histogram- a rebound is ahead.
The RSI and MACD, both, are bearish, yet show signs that the bulls might get into it. Once that’s done, a technical correction will be visible. Otherwise, things might not turn out good for Waves.