WAVES Technical Analysis: Short-term Reversal Hopes To Turn The Tables

WAVES coin price challenge the short-term resistance trendline with the recent rise in the inverted flag pattern. Will the uptrend surpass the 50-day EMA? The WAVES coin price sustains above the $8.3 mark after a more than 75% decline since October 2021. However, the recent growth challenging the short-term resistance trendline projects the possibility of a trend reversal. Will the support from the $8.3 help the bulls surpass $11? Key technical points: The coin price sustains above the $10 mark. The RSI indicator’s slope rises above the 50% mark. The 24-hour trading volume in the WAVES token is $236 Million, indicating a 7.5% fall. Past Performance of WAVES With the death cross in the WAVES/USD chart, the coin price has depreciated by 20% in the last month, with the 50-day EMA acting as a resistance barrier. The downtrend halts near the $8.3 mark and consolidates for a while before challenging the resistance trendline. However, the upside retracement rides within an inverted flag that has proven to be a bearish continuation pattern in most cases. Nonetheless, the trendline breakout has the potential of a trend reversal. Currently, the WAVES coin price trades at 10.90, with a price jump of 3.29% in the last 24 hours as the bulls finds a haven at $8.3. However, the loss in trading volume questions the bullish commitment. Source-Tradingview WAVES Technical Analysis The WAVES coin price can showcase a post-breakout rally of almost...