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Waves price will enjoy a bearish flux

Waves price will enjoy a bearish flux

With the start of a fresh trading week, the Waves price hit an exciting double-digit high. This latest rally also supported the pair of WAVES/USD in breaking a series of short term moving averages.

Since the start of this year, WAVES/USD is has been trading down about sixty percent (60%), whereas, the digital currency has been trading at around twenty percent (20%) higher than the lowest trading it ever had.

Waves price continues to be bearish

The statistics are indicating that the Waves price has still had cover a significant ground before it gains its bullish medium-term status again. The digital currency is experiencing a bullish trend for a short term, though, this lack of bullish patterns indicate that rally can start fading easily, as the longer-term trends remain bearish.

Waves price chart 24 september 2019Waves price chart by Trading View

The medium-term chart demonstrates that the WAVES/USD pair has finally reached above its fifty-period and two-hundred-period moving averages. With the need to rally the cryptocurrency towards a little over one dollar ($1.36) level in order to form a bullish pattern.

Currently, the daily time frame depicts that another bullish breakout might occur from the dropping wedge pattern. If the price gets high up to a little over one dollar ($1.50) level then it would indicate that the WAVES/USD pair will need to rally more than thirty percent (13%) from the ongoing levels in order to reach the target level of a little over one dollar ($1.50).

Waves price is currently standing at a little lower than one dollar ($0.97) at the time of writing, and the price is independent of Bitcoin. While according to TheTIE.io, towards the Waves, the short-term sentiment is bullish at about sixty-eight percent, while the long-term sentiment towards Waves price seems bearish at about twenty-three percent (23%) only.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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