WAVES: Will This Support Hold After Retests?

Bitcoin declined by 11% within a few hours after rejection around the resistance at $39,000. WAVES mimicked the actions, dropping 15% of its price. Nevertheless, the altcoin noted upticks at this publication as sellers showed strength neat $10.4. For now, market players need to watch to see whether market fear will drag WAVES beneath the $8.27 month-long foothold.

WAVES – 1Hr Timeframe

WAVES saw upswings in early February, climbing to $12.21 from $7.56. That move revealed Fibonacci points of 61.8% retracement at $9.34 and 78.6% at $8.56. While publishing this blog, the alt’s price declined beneath $9.34.

Furthermore, WAVES appeared to flip the $9.05 mark into resistance. For now, the crypto seems ready to test the range lows and peaks at $8.27 and $10.43. Though the current brief upticks, WAVES lacked adequate momentum to climb higher. The slight upticks in BTC and WAVES’ leg-up came from the tokens searching liquidity after the crash and not triggered by sincere demand.

According to the Volume Visible Range, the past two week’s Point of Control sat t $9.53. At this publication, the price stayed below the Value Area Lows.

Reasoning

The indicators flashed increasing bearish influence over the recent hours. The Relative Strength Index flashes bearish deviation with the lower peak as the price registered higher highs of $10.2. The divergence plus Bitcoin’s fall saw WAVES declining further.

The Awesome Oscillator also plummeted below the zero line. The CDV created a lower peak within the previous few days despite the price climbing towards the highs of $10.2. That indicated that buying momentum was weaker than selling strength.

For now, the broad market displays bearish actions. The global market cap saw plunges within the past day, hovering at $1.58 trillion at this publication. Keeping such trends will weaken the market further, translating to lows by WAVES.

Final Thought

Genuine demand absence was understandable due to current mark conditions. With that, the assets might record further drops. WAVES has maintained the support barrier of $8.27 since January. However, repeated retests could weaken the level. Therefore, the altcoin can plunge to violate the $8.17 mark within the upcoming few days.

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