Waves has seen a 2.77% price reduction over the past 24 hours of trading. The crypto currency is currently exchanging hands at a price of $2.14 after being one of the only cryptocurrencies to see a positive price rise of 2.89% over the past 7 trading days.

The blockchain based decentralised exchange platform recently surged a total of 45% before falling back to equilibrium, upon the announcement of their new smart contract protocol.

The protocol, which will come into effect a week after there is an 80% consensus amongst miners, will introduce smart accounts which are non-Turing complete smart contracts.

The smart accounts will see the introduction of much sought after features such as multisig wallets, atomic swaps and data oracles.

Waves is currently ranked at 37th position in terms of overall market cap across the entire industry. It currently has a total market cap value of $213 million after the 27 month old coin suffers a 38% price decline over the past 90 days. Waves is a total of 87% down from it’s all time high price.

Let us continue to analyse price action over the short term and highlight any further potential support and resistance areas.

WAVES/USD – SHORT TERM – DAILY CHART

https://www.tradingview.com/x/H4rrMMC8/

Analysing the chart from the short term perspective above, we can see that Waves has held at our support level highlighted in our previous technical analysis article. The support level was located at the short term downside 1.414 Fibonacci Extension level priced at $1.77. This was also a previous long term support level dating all the way back to July 2017.

We can see that for the past month and a half, price action has been trapped in a range bound condition between the downside 1.414 Fibonacci Extension priced at $1.77 as the lower boundary of the range and the downside 1.272 Fibonacci Extension priced at $2.49 as the upper boundary of the range.

We can see that each time price action tried to penetrate above the upper boundary of the range it was rejected aggressively. If the bullish momentum can continue to push price action above the upper boundary then we expect immediate resistance to be located at the 100 day moving average which is currently hovering around the $2.80 handle. We can see that price action has made an attempt to break above this level over the past few trading session but failed to do so.

If the market can continue further higher above the 100 day moving average then we expect further resistance to be located at April 2018’s support level priced at $3.27.

Alternatively, any bearish pressure is expected to be absorbed by the lower boundary of the range priced at $1.77. In the case that price action does break below this handle we expect immediate support to be located at the psychological round number handles of $1.50 followed by $1.00. Support beneath this is then expected at $0.83.

The technical indicators within the market are largely showing neutral readings as the RSI trades around the 50 handle deciding which way to head towards next. If we would like to see the market break above the upper boundary of the range we would need to witness the RSI break above the 50 handle to indicate the bulls are in control of the momentum within the market.

The post WAVES Technical Analysis #002 – Continues to trade Within a Narrow Range; Will There be Enough Bullish Momentum to Push Higher? appeared first on ZyCrypto.

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