Connect with us
Active Currencies 14429
Market Cap $2,640,256,920,327.60
Bitcoin Share 50.21%
24h Market Cap Change $-3.32

Bulls force Waves past $2 once more- Can they reach June highs?

3min Read

On 24 June, WAVES rocketed from $1.55 to $2.89, a 1-day gain of almost 87%. Can the bulls replicate such a rally in the coming days?

Bulls force Waves past $2 once more- Can they reach June's highs?

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • Waves has performed incredibly well on the price chart since mid-June.
  • It seemed WAVES bulls have another leg upward left in them as evidenced by the steady buying pressure in recent days.

Waves [WAVES] bulls made a remarkable move on the price chart late in June. After trending downward since early March, the bulls exploded onto the scene. From 15 June onward, the price of WAVES slowly began to climb higher.


Read Waves’ [WAVES] Price Prediction 2023-24


On 24 June, WAVES rocketed from $1.55 to $2.89, a 1-day gain of almost 87%, before sinking into a pullback. Over the past week, the token’s price consolidated around the $1.9 mark before climbing to the $2.15 region yet again.

Waves had a strong bullish outlook but could it be too early for another run?

Waves [WAVES]

Source: WAVES/USDT on TradingView

The pump from $1.3 to $2.89 was used to plot a set of Fibonacci retracement levels. In the past two weeks, WAVES retraced to the 61.8% level at $1.9. It dipped as low as $1.78 on 30 June. At the time of writing, the market structure of WAVES was bullish once more on the 4-hour chart, after the move above $1.99. The RSI also showed bullish momentum.

The OBV was also in an uptrend since 26 June, even though WAVES itself saw a pullback. This was a strong sign that the bulls were getting ready for another move upward and were accumulating the token in anticipation. In contrast to the OBV, the CMF showed that capital flow was directed out of the market for the most part since 26 June.

The 1-day chart showed that the $2.14 level was a previous lower high from late May. The rally above this level meant the market structure on the daily timeframe was bullish as well. Hence, swing traders can look to build long positions in the $1.9-$2.1 region, targeting the local high at $2.89. More ambitious bulls can wait for a move to the 23.6% extension level at $3.26.

A question that remained was, have WAVES accumulated for long enough to warrant such an eruption of bullish sentiment? WAVES traded in the $1.83-$2 region from 1 July to 6 July, not even a whole week. Were the bulls already looking to push for another move north measuring at least 40%? Possibly not, hence, swing traders should be cautious with their position sizing.


Is your portfolio green? Check the Waves Profit Calculator


The massive surge in Open Interest noted strong bullish sentiment

Waves [WAVES]

Source: Coinalyze

According to Coinalyze data the OI of Waves has almost doubled in the past 24 hours, climbing from just over $30 million to $59.8 million. This occurred in a short time as well, suggesting an enormous influx of capital in the futures market.

Yet, the spot CVD on the 1-hour chart saw a negative slope in recent hours. Could this point toward an altcoin musical chairs, with coins seeing a strong, random rally before slumping lower? It was unclear yet. The evidence at hand points toward further bullishness, and the OBV reinforced the idea that the buyers remained dominant.

Share

Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.