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WAVES Could Go Higher, Even After Doubling in Value

2 mins
18 August 2020, 06:40 GMT+0000
Updated by Valdrin Tahiri
18 August 2020, 08:23 GMT+0000
In Brief
  • Waves has more than doubled in value over the past week.
  • The short-term trend has begun to show weakness.
  • There is resistance between 64,000-70,000 satoshis.
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The Waves (WAVES) price has increased by 125% over the past week. The long-term upward trend still looks strong, and the price is expected to move towards the resistance levels all the way to 70,000 satoshis.
There is the possibility of a short-term retracement prior to the resumption of the upward move.

Waves Doubles in Value

The Waves price had been consolidating for an entire year during the period between July 2019-2020. After gradually moving upwards, the price finally created a massive bullish engulfing candlestick during the week of Aug 10-17 and increased by 130%. Indicators are bullish. The increase transpired with significant volume, and the MACD is moving upwards. While the RSI is inside the overbought territory, it has not generated any bearish divergence yet. If the price continues moving upwards, the next resistance areas are found between the 0.5-0.618 fib levels of the entire previous decrease that began in December 2018.
Waves Weekly
Waves Chart By TradingView
Cryptocurrency trader @Kaisercrypto outlined a WAVES chart, which shows a symmetrical triangle. Kaiser believes the price will break out but did not give a target for the next movement. As we saw in the section above, the long-term targets are found by using the Fib retracement tool, falling between 64,000-70,000 satoshis.
Waves Movement
Source: Twitter

Short-Term Trend Shows Weakness

On the other hand, lower time-frames reveal that the trend has begun to show weakness. There is a bearish divergence in the RSI and MACD. The MACD has almost turned negative. Furthermore, the volume has been decreasing even though the price is making higher-highs, a sign that a reversal is likely near. If the price begins to decrease, the closest support area would be found at 26,000 satoshis. Afterward, the price is expected to continue moving towards the long-term targets outlined previously.
Waves Short-Term
Waves Chart By TradingView
To conclude, while the Waves price has likely begun an upward move and will continue increasing, a short-term retracement could transpire before the price resumes its upward movement.


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.