VeChain, Flow, Waves Price Analysis: 03 May
With Bitcoin sailing near its high liquidity range, the wider market refrained from making a volatile move in the last few days. Thus, the sentiment still lurked around the ‘fear’ zone.
With little to no surprise, the near-term technicals of VeChain, Flow, and Waves skewed in favor of the sellers. The buyers still needed to inject volumes to alter the existent bearish narrative.
After rebounding from the $0.08 ceiling on 31 March, the sellers drifted a rally toward the $0.04-support and matched VET’s mid-March lows. The altcoin shed over half of its value and plunged toward its seven-week low on 1 May.
This devaluation kept VET below the basis line (green) of the Bollinger Bands (BB) for the most part in the last month. The two-day gains from the multi-week low aided the alt to peck above the basis line. But the BB has narrowed its volatility over the last day. A break above the current down-channel (white) is needed to topple the $0.049 boundary in the coming times.
At press time, VET was trading at $0.0481. While rising from the ruins of its oversold region, the RSI observed a solid comeback but plateaued at the 46-mark. Also, the CMF cast a hidden bearish divergence with price over the last few days.
FLOW had been on a constant quest to find fresher grounds until finally stabilizing at the $4.48 floor in the last three months. The bulls have been on a back seat while the sellers rode along with the recent falling wedge plummet.
This phase pushed the alt below its 20/50 EMA while gliding under its high liquidity range near the Point of Control (red). From this point, the short-term EMA lines could continue to pose testing barriers in FLOW’s revival.
At press time, FLOW traded at $4.65. The RSI saw exponential growth from the oversold region. A potential close above the equilibrium could open doorways for a trend-modifying rally.
WAVES steeply fell since the beginning of April while it pierced through vital price points. The altcoin lost over 80% of its value from 31 march until press time.
While the $11-$12 range seemingly supported the recent retracements, WAVES’ long-term trendline resistance (white) stood quite stiff. Not surprisingly, the Supertrend still struggled to change its stance from the red zone.
At press time, WAVES was trading at $12.47. The RSI slightly jumped from the oversold region in its revival endeavor. Also, the DMI lines were on the verge of a bullish crossover in the 4-hour timeframe. This crossover could help bulls break the bounds of the alt’s immediate resistance.