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๐Ÿ“ˆ Daily TA: Waves (WAVES/USD) | 21-12-2021

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cryptospa
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Hodl, dear members of LeoFinance!

Today, I would like to share something important on the price chart of Waves. And, actually, this is a continuation of my previous analysis of WAVES/USD.

Let me remind you, that, in the daily chart (1D), WAVES/USD formed a Double Top (common trend reversal technical pattern) in October-November and since then the price has been declining: Now, the price is already at the trend line, as expected. So, this is a very critical moment for the potential continuation of the uptrend.

Also, if we have a look at the three key Moving Averages (MAs) in the daily chart, we can see that WAVES/USD has dropped below the 30-day Moving Average (MA 30) and, even, the 90-day Moving Average (MA 90) - so this is a bearish signal: But, as can be seen from the chart, right now, WAVES/USD is at the 360-day MA (MA 360). So, from this point of view, this is also a very important moment for the price of WAVES. If the price receives enough support from the trend line and MA 360, then probably WAVES/USD will rebound and, later, resume the uptrend.

For this to happen, first, WAVES/USD has to exit in the upward direction the Descending channel (downtrend) in the 1-hour chart: I will keep an eye on the price chart of WAVES and, in case, a potential uptrend renewal signal appears I will update my analysis.

To be continued ...

As of the time of writing, one WAVES costs $15,81 on the Binance crypto exchange, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.

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