Key Takeaways:
- WAVES price rallied over 20% and broke the $4.00 resistance.
- A major bullish trend line is forming with support at $3.80 on the daily chart.
- The price could extend its rally toward the $6.50 and $7.00 levels.
NEW DELHI (CoinChapter.com) — WAVES started a major surge above the $3.25 resistance. The price is up over 20% and might continue to surge toward the $7.00 resistance.
WAVES Price Starts Fresh Surge
In the past few days, Bitcoin and Ethereum saw a strong increase. Slowly, other cryptocurrencies also gained traction, including ADA, XRP, BNB, and TON. WAVES also gained traction and started a strong increase from the $2.00 support zone.
It is up over 100% in a few days and broke many hurdles near the $3.25 resistance. There was a close above the $3.50 pivot level and the 50-day simple moving average (blue).
A high was formed at $4.37 and the price is now consolidating gains. Today, the price is up over 20% and it seems like the bulls are not done yet.
Immediate resistance is near the $4.35 level, the first major resistance is near the $4.50 level, and the main resistance is at $5.00. If WAVES bulls manage to push the price above the $5.00 resistance, there could be a strong drift. Their next stop might be $6.50. Any more gains might send the price toward $7.00 or even $7.20.
Dips Attractive?
Conversely, WAVES price might fail to clear the $4.35 and $5.00 resistance levels. In the stated case, there could be a downside correction. Immediate support is near the $4.10 level or the 23.6% Fib retracement level of the recent increase from the $3.23 swing low to the $4.37 high.
The next major support is near $3.80. On the daily chart, a major bullish trend line is also forming with support at $3.80. It is close to the 50% Fib retracement level of the recent increase from the $3.23 swing low to the $4.37 high.
A downside break and close below $3.80 might spark bearish moves in WAVES. The next support is $3.20, where the bulls might take a stand. Any more losses might open the doors for a move toward the 50-day simple moving average (blue) at $2.50.
Overall, the WAVES price is signaling a steady increase above $3.80 and $4.00. If the bulls remain in action, the price could drift toward the $5.00 level and then $7.00.
