{"id":220591,"date":"2022-03-03T17:00:06","date_gmt":"2022-03-03T11:30:06","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=220591"},"modified":"2022-03-03T11:59:55","modified_gmt":"2022-03-03T06:29:55","slug":"waves-fomo-wont-work-for-a-sustainable-rally-heres-what-will","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/waves-fomo-wont-work-for-a-sustainable-rally-heres-what-will\/","title":{"rendered":"WAVES: FOMO won’t work for a sustainable rally; here’s what will…"},"content":{"rendered":"

Disclaimer:\u00a0The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice<\/em><\/p>\n

When Bitcoin<\/a> dropped to $34,800 nearly ten days ago, WAVES hit its range lows near $8.4. Since then, WAVES has registered gains of nearly 115%. Demand shot through the roof when the coin broke out past the $12-level. Now, after these exorbitant gains, would the price retrace to collect liquidity to the south before its next leg upward?<\/p>\n

Or can it rocket past the next band of resistance as well?<\/p>\n

WAVES- 1 hour chart<\/h4>\n
\"Patience<\/a>
Source: WAVES\/USDT on TradingView<\/figcaption><\/figure>\n

Since late January, WAVES has traded within a range whose lows and highs lay at $8.4 and $12.15, respectively. Over the past week and a half, the price has bounced from the range lows on the back of heavy demand and broken out past $13 to trade at $17.71, at the time of writing.<\/p>\n

Price is always attracted to liquidity. In the context of WAVES in the near term, this means that the $16.4, $14.4, and $13 levels are places that WAVES could retrace to in the days to come. On the other hand, so long as Bitcoin can stay above the $42,000-level, the upside to WAVES also looks good.<\/p>\n

Therefore, there are two routes to consider – A risky, aggressive buy near $17.5 hoping demand would arrive once more and drive WAVES past the $20-resistance. The more measured and reasonable approach would be to wait for a retest of the $16.6 and $14.4-areas to use these tests of support as buying opportunities. However, there is also a chance that such a retest might not materialize.<\/p>\n

In either case, the $20-area (red box) offered significant resistance and would be the next level where bears can be expected to hold strong.<\/p>\n

Rationale<\/h4>\n
\"Patience<\/a>
Source: WAVES\/USDT on TradingView<\/figcaption><\/figure>\n

The hourly RSI tried to stay afloat above neutral 50. It displayed a hidden bullish divergence a couple of days ago, but the uptrend could not continue as the $19-$20 area offered good selling pressure.<\/p>\n

The Awesome Oscillator has also been hovering near the zero line over the past 24 hours.<\/p>\n

Conclusion<\/h4>\n

While WAVES has posted colossal gains in recent days, it could be overextended. A retracement would be a healthy outcome in the days to come. And, $16.6 and $14.4 are levels to watch for and see if demand arrives once again.<\/p>\n

On the contrary, if $20 is flipped to support in the next few days, a buying opportunity would arise once again.<\/p>\n","protected":false},"excerpt":{"rendered":"

Disclaimer:\u00a0The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice When Bitcoin dropped to $34,800 nearly ten days ago, WAVES hit its range lows near $8.4. Since then, WAVES has registered gains of nearly 115%. Demand shot through the roof when the coin broke outContinue reading “WAVES: FOMO won’t work for a sustainable rally; here’s what will…”<\/span><\/a><\/p>\n","protected":false},"author":57,"featured_media":220592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,4,20],"tags":[],"class_list":["post-220591","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nWAVES: FOMO won't work for a sustainable rally; here's what will... - AMBCrypto<\/title>\n<meta name=\"description\" content=\"When Bitcoin dropped to $34,800 nearly ten days ago, WAVES hit its range lows near $8.4. 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