The Waves price is likely in the fifth and final wave of a medium-term upward trend. However, it is possibly in the primary stage of a longer-term upward trend.
The Waves price began an upward trend on December 11. After breaking out above the initial resistance area on December 17, the price consolidated until December 26, when another breakout transpired — which is still ongoing.
Analyst and trader @devchart stated that, after retesting a previous resistance area, the Waves price is well on its way to another breakout — with a target of 16,300 satoshis.
https://twitter.com/devchart/status/1211947385204748288?s=19
Let’s take a closer look at the Waves price movement and determine if the price will get there.
Waves’ Continuation Breakout
The Waves price reached a low of 7185 satoshis on December 10. It began an upward move and increased above the 11,500 satoshi resistance area, validating it as support. After the breakout, it created a symmetrical triangle — a continuation pattern from which it again broke out. Projecting the full height of the pattern to the breakout point takes us very close to the 1600 satoshi resistance area, the target outlined in the tweet. However, since the breakout, the volume has been very low compared to the original upward move — a possible sign of weakness.

Long-Term
The weekly chart for Waves reveals that the price his possibly in the first phase of the initiation of a new market cycle. The weekly RSI recorded oversold levels for almost six months before the price moved upward and caused the same to occur in the RSI. Additionally, it generated bullish divergence throughout the entire period. The RSI has never been in the oversold territory before. However, it generated bullish divergence throughout August-November 2018, initiating an upward move with a 368 percent magnitude. The main resistance area is found at 25,000 satoshis. A breakout above it could trigger a very rapid price increase.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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