Plunges 13% Below 50-day EMA; Is $20.0 Possible?

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 WAVES price downtrend shows an increase in the selling pressure that has pushed it past the immediate support level. The current movement could lead to a further crash if WAVES  buyers sliced the vital support levels.

  • WAVES price edges lower with significant losses on Friday.
  • The price trades near critical support around $25.0, more downside if the level is broken.
  • WAVES price lost nearly 45% since the beginning of the week.

WAVES price looks for downside continuation

Source: Trading View

WAVES price is currently hovering at $26.0 within a previous demand zone. The token dropped 45% since the beginning of the week. Now, if the price breaks the reliable support level it would trigger a fresh round of selling in the asset. In addition to that, the slippage of the 50-day EMA (Exponential Moving Average) at $29.46 hints at the brewing bearish sentiment further.

Since this area constitutes a demand zone and a support level, a breakdown of the former will indicate a rise in selling pressure and could trigger a further crash.

Investors would collect the liquidity near the demand zone extending from $20.0 to $17.06.

On the flip side, if the WAVES buyers bind together then the price would have a good chance of recovery above $30.0. This would alleviate the prevailing bearish outlook. A consolidation above the session high could be key toward another run-up to $40.0. This would be a 53% price appreciation from the current level of $26.0.

In a highly optimistic scenario, WAVES  price could extend the gains and retest the psychological $50.0 level.

Technical indicators:

MACD: The Moving Average Convergence Divergence slipped sharply below the mid-line with heavy selling pressure.

RSI: The daily Relative Strength Index approached the oversold zone. It reads at 39, still far from the extreme condition.

 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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