Waves has seen a 1.06% price increase over the past 24 hours of trading. The cryptocurrency is currently exchanging hands at a price of $2.16 after seeing a small 3.10% price decline over the past 7 trading dyas.
The decentralised currency exchange platform has garnered some excitement due to the recent meeting of Waves with the Malta Government. The CEO of Waves, Sasha Ivanov, recently met with the Malta Government officials to negotiate a relocation of their operations to the island. This occurs after many cryptocurrency based companies move to the blockchain friendly island.
The blockchain based platform allows users to create custom tokens in an easy user friendly manner making it super easy for users to create their own blockchains and coins these days. More so, the Waves network currently has over 333,000 wallets with over 17,000 tokens created.
Waves is currently ranked in 39th position in terms of market cap rankings across the entire industry. It has a total market cap value of $215 million after the 28 month old coin sees a 39% price drop over the past 90 trading days. Waves is currently trading a total of 87% lower than its all time high price.
Let us continue to analyze price action for Waves and update our support and resistance levels.
WAVES/USD – SHORT TERM – DAILY CHART
Analysing price action from the short term perspective above, we can see that our highlighted support area at the downside 1.414 Fibonacci Extension level priced at $1.77 has held. The price level provided significant support for the market throughout the months of August 2018 and September 2018.
Price action had also experienced a level of significant resistance throughout August and September 2018 at the downside 1.272 Fibonacci Extension level priced at $2.42. We can see that the resistance expected in this area is significantly bolstered by a long term .886 Fibonacci Retracement level priced at the same price level.
The market has now established a trading range in which price action has been trading between over the past two months. The upper boundary of the range consists of the downside 1.272 Fibonacci Extension level priced at $2.49 and the lower boundary of the range is located at the downside 1.414 Fibonacci Extension level priced at $1.77.
Any bearish action is expected to be absorbed by the lower boundary of the trading range at $1.77. If price action does manage to penetrate through the lower boundary, then significant further support below is then expected at the psychological round number handle of $1.50. If the market does indeed continue even lower then further support can be expected at the short term downside 1.272 Fibonacci Extension level priced at $1.09.
Alternatively, any bullish pressure is expected to be halted at the upper boundary of the range priced at $2.49. If the market does manage to break up above the upper boundary of the established trading range then immediate resistance expected higher is then expected at the 100 day moving average level. The 100 day moving average is currently hovering at the $2.75 handle is expected to provide significant resistance moving forward as the market has not challenged the 100 day moving average since April 2018.
Resistance expected above the 100 day moving average can then be expected at the April 2018 lows priced at $3.27 followed by the previous long term .786 Fibonacci Retracement level priced at $4.32.
The technical indicators within the market are currently showing favour toward the bears within the market at this moment in time. The RSI is trading marginally below the 50 handle indicating that the bears are still in control of the momentum within the market. If the RSI can break up above the 50 handle we can expect this market to break up above the upper boundary of the trading range.
Let us continue to analyse price action for Waves relative to Bitcoin over the short term and highlight any potential support and resistance areas.
WAVES/BTC – SHORT TERM – DAILY CHART
Analysing the market from the short term perspective we can see that Waves has been declining for the past few months. It has recently found support at a downside 1.414 Fibonacci Extension level priced at 24K SATS during August 2018. Price action rebounded and rallied from this area.
We can see that the market has also recently rebounded from support located at the downside 1.272 Fibonacci Retracement level priced at 29K SATS. It rebounded and rallied until it found resistance at a long term downward sloping trend line.
If the bullish market continues, we expect immediate resistance to be continued to be provided by the downward sloping trend line. If the market can continue above the trend line then further resistance will be expected at the 40K and 42K SATS range.
Alternatively, if the market falls, we expect immediate support to be located at the downside 1.272 Fibonacci Extension level priced at 29K followed by the downside 1.414 FIbonacci Extension level priced at 24K SATS.