After facing some hurdles in the past months, Waves finally broke out and tapped a year high today. It temporarily halted buying and retraced briefly. However, the price remains strong as bigger moves under way.

Going back to when the price started to recover from $1.4 in late 2023, Waves struggled with volatility and faced a lot of obstacles, although it managed to tap $3.2 before facing rejection in January.

After correcting for a month, it found support at $2 and regained momentum in February – closing that month at around $2.8. It reiterated actions this month and the price increased to a high of $3.6. This high got rejected and the price slipped to a low of $2.55 last week.

A slow buyback from that low brought a full recovery to price in a week and broke out significantly to $4.7 for the first time in a year.

This breakout was characterized by a bullish engulfing candle and looking at the bigger picture on the weekly chart, Waves is not just out of the woods but is technically ready for long-term bullish momentum.

Due to a slight rejection, Waves has retraced briefly over the past hours. We can expect the price to keep rising once it finds support nearby.

The closest resistance for an increase lies at $4.8. A flip through this resistance could push the price to $5.2 and potentially $5.8 in the future.

For a retracement, the potential support to consider for a dip is $4, then followed by $3.66, where the price broke through today. Should this level fail to contain pressure, the next line of support would be $3.23.

Key Resistance Levels: $4.8, $5.28, $5.8

Key Support Levels: $4, $3.66, $3.23

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: loft39studio/123RF // Image Effects by Colorcinch

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