WAVES price formed a solid support near $2.50 and bounced back above $2.85 despite bearish movies in bitcoin, Ethereum, ripple and other altcoins. Can WAVES/USD climb above $3.00?

Key Talking Points

Recently, we saw a lot of bearish moves in bitcoin, Ethereum, tron, ripple, litecoin and other altcoins. However, WAVES cryptocurrency remained supported and it bounced back above the $2.80 resistance.

Looking at the chart, there was a strong support base formed near the $2.50 level. The price started a solid upward move and traded above the $2.65 and $2.80 resistance levels. There was also a break above the 50% Fib retracement level of the last decline from the $3.24 high to $2.50 swing low.

More importantly, there was a break below a major bearish trend line with resistance at $2.90 on the 4-hours chart of the WAVES/USD pair. The pair also settled above the $2.80 resistance and the 100 simple moving average (4-hours).

It has opened the doors for more gains above the $2.90 level. The pair may soon clear the $3.00 barrier and the 61.8% Fib retracement level of the last decline from the $3.24 high to $2.50 swing low.

Above $3.00, there are chances of more gains above the $3.05 and $3.10 levels. On the downside, an initial support is at $2.85, below which the price may test $2.80. The main support for the current wave is near the $2.70 level and the 100 simple moving average (4-hours).

Overall, WAVES cryptocurrency is showing a lot of positive signs despite bearish moves in bitcoin, Ethereum, tron, ripple, litecoin, EOS, bitcoin cash, and other altcoins. There are chances of more gains above the $3.00 and $3.05 levels in the short term.

The market data is provided by TradingView.

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