After facing some hurdles in the past months, Waves finally broke out and tapped a year high today. It temporarily halted buying and retraced briefly. However, the price remains strong as bigger moves under way.

Going back to when the price started to recover from $1.4 in late 2023, Waves struggled with volatility and faced a lot of obstacles, although it managed to tap $3.2 before facing rejection in January.

After correcting for a month, it found support at $2 and regained momentum in February – closing that month at around $2.8. It reiterated actions this month and the price increased to a high of $3.6. This high got rejected and the price slipped to a low of $2.55 last week.

A slow buyback from that low brought a full recovery to price in a week and broke out significantly to $4.7 for the first time in a year.

This breakout was characterized by a bullish engulfing candle and looking at the bigger picture on the weekly chart, Waves is not just out of the woods but is technically ready for long-term bullish momentum.

Due to a slight rejection, Waves has retraced briefly over the past hours. We can expect the price to keep rising once it finds support nearby.

WAVES Key Levels To Watch

Source: Tradingview

The closest resistance for an increase lies at $4.8. A flip through this resistance could push the price to $5.2 and potentially $5.8 in the future.

For a retracement, the potential support to consider for a dip is $4, then followed by $3.66, where the price broke through today. Should this level fail to contain pressure, the next line of support would be $3.23.

Key Resistance Levels: $4.8, $5.28, $5.8

Key Support Levels: $4, $3.66, $3.23

Spot Price: $4.45
Trend: Bullish
Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: loft39studio/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ March 13, 2024 9:12 pm