Waves (WAVES) has reclaimed an vital horizontal level after producing a bullish pattern combined with bullish divergences.

WAVES has been decreasing aprolongedside a decreasing resistance line afterward spreading to an all-time high cost of $41.86 on May 4. The decrease led to a low of $7.56 on Jan 24. 

The cost has been moving skywards afterward, and accelerated essentially on Feb 28. The skyward evolutionment caused a reclaim of the $12.50 horizontal range, which had previously acted as support afterward May 2021. Since the field is now reclaimed, it renders the previous Jan 2022 breakdown as a deviation only. 

The closest resistance field is at $24.50. It is the 0.618 Fib retracement resistance level and coincides with the aforementioned plunging resistance line.

WAVES evolution
Chart By TradingView

Future WAVES shsupposing thattment

Cryptocurrency trader @CryptoCapo_ tweeted a chart of WAVES, suggesting which the current ascending evolution is corrective.

WAVES correction
Chart By TradingView

After all, the increase was preceded by a considerable bullish divergence in both the MACD and RSI during the Feb 4 and Feb 21 flats. The shwith the condition thatt also created what resembles like a double flat, which is considered a bullish pattern.

In addition to this, the RSI is now atop 50 and the MACD is in positive territory. Both of these are considered signs of a bullish trend.

Technical indicators
Chart By TradingView

The previous time both these indicators gave the same reading was on Aug 2021. This preceded a WAVES ascending change of 112%, leading to a high of $34.90 in the process.

WAVES Resistance
Chart By TradingView

Short-term shsupposing thatt

When measuring the initial increase of Jan 24, the one which began on Feb 24 is 2.61 times the length of the original skyward evolutionment. 

Therefore, it is possible which a limited rejection will occur at this level.

This is still supported by the bearish divergence which has been developing in the RSI. I

If a rejection occurs, the closest support would be between $12.5 and $14, an range created by the 0.5 – 0.618 Fib retracement resistance levels.

Chart By TradingView

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