Waves price Analysis: Can yesterday’s bullish move be considered a trend reversal signal?

• The Waves coin noted moreover 29% bullish spike last night after a scary blood bath. 
• During the upwards momentum, the WAVES price is approaching the leading span A (at $17 Mark) as a resistance. 
• The waves coin concerning the Bitcoin pair is trading at 0.0004028 Satoshis, up 19.4%.

The price of WAVES reverses the prior session’s trading momentum on Wednesday. The price managed to recover from a low of $11.80 and swing high approaching an important key. To maintain the upswing, the price should remain above $14.0.

After disrupting a falling parallel channel (white) yesterday night, Waves pricing is looking a little optimistic. However, the waves have been losing momentum since March 31. The Waves finished a more than 600 percent increase with a record high of $63.69. Bulls, on the other hand, lack the confidence to extend their profits. WAVES fell significantly, reaching a pre-support level at $11.

At the time of writing the WAVES coin is trading at $15.9 at the time of writing, with a 21% gain in its market cap at $1.7 Billion in the last 24 hours as per the CMC. Moreover, thewaves coin concerning the Bitcoin pair is trading at 0.0004028 Satoshis, up 19.4%.

The WAVES price is attempting to trade above the leading span A (at $17 Mark), in terms of the daily price chart. However, traders saw the highest volatile session last night in the past 30 days, hence, trading volume jumped by 243% in the past 24-hours. 

What should be the next approach?

In the context of the daily price chart, the RSI is looking slightly bullish as it reversed from the oversold area. Furthermore, the ADX indicator declined sharply from higher levels, and now suggests a sideways movement for the WAVES coin.

conclusion

Waves cryptocurrency is only below the short-term bullish barrier of $16, and if it breaks through this level, purchasers may witness additional positive momentum before the end of the month.

Support level – $12 and $10

Resistance level – $20 and $35

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