The Waves cryptocurrency is currently range-bound above the 20-day Exponential Moving Average (EMA). Recent trading sessions have shown a tug-of-war between buyers and sellers vying for control of the short-term trend.

Both short-term and long-term outlooks have been bullish, with the price maintaining a pattern of higher lows and higher highs over the past two months. Despite multiple bounces off the dynamic support of 20 and 50-day EMAs, a recent selloff has dampened the bullish sentiment. Although the price has bounced back from the 50-day EMA, it lacks the momentum to push higher.

A potential increase in price could be seen if bulls can defend the dynamic support levels of 20 and 50-day EMAs.

Waves Crypto Volume Analysis

Volume analysis reveals that Waves cryptocurrency has experienced nearly $52.96 million in trading volume over the past 24 hours, a 25.67% decrease from the previous day. The live market capitalization stands at $435 million, with a volume-to-market cap ratio of 12.33%, indicating mild market volatility. The circulating supply of Waves tokens is currently at 114.19 million.

Development Activity Dropped: Impact on Price?

The development activity chart for Waves cryptocurrency shows a decline in recent changes and developments. While January and mid-February saw healthy development activity, there has been a drop in both development activity and the number of contributors.

Waves Crypto Sentiment Analysis

Analysis of sentiment for WAVES cryptocurrency over recent months shows a predominance of positive sentiment, with the weighted sentiment curve consistently above the zero line. However, a recent decline in the weighted sentiment curve suggests a surge in negative sentiment in recent sessions.

Waves Crypto Price Prediction

According to analysts, the most optimistic scenario sees the price reaching $4.96, implying a 27.18% upside potential. Conversely, the most pessimistic view predicts a drop to $3.04 if the price falls below the 20-day EMA.

Conclusion

Although Waves crypto price has rebounded from the 20-day EMA and maintained higher levels in recent sessions, the upward momentum appears to be fading. The current neutral zone indicates a lack of dominance from either bulls or bears. The price trajectory will depend on whether buyers can uphold the price above the dynamic support of 20 and 50-day EMAs, or if sellers push the price below the 50-day EMA.

Technical Levels:

• Support Levels: $3.53 and $3.04
• Resistance Levels: $4.08 and $4.74

Disclaimer

The information provided in this article is for informational purposes only and should not be considered financial or investment advice. Trading or investing in cryptocurrencies or stocks carries a risk of financial loss.