06 May 2022
WAVES dropped by as much as 17% in today’s session, as crypto markets as a whole traded mostly in the red. SOL and NEAR were two notable tokens to fall in today’s session, with AVAX also falling by double digits today.
WAVES dropped for a second consecutive session, as prices moved towards the long-term support level on Friday.
Following yesterday’s false breakout of the $16.70 resistance level, WAVES/USD slipped to an intraday low of $12.90 earlier in the day.
This drop sees prices over 17% lower than Thursday’s peak, and now on the verge of hitting a floor of $11.50.
It was only two days ago we spoke about WAVES being one of the biggest bullish movers, after it rose from this support, however it appears as if the tables have once again turned.
Looking at the chart, this decline came as the price strength failed to break out of the resistance of 40.10 on the 14-day RSI.
Should we hit this support point, you might see some bulls attempt to re-enter, in a similar fashion as to what occurred on Wednesday.
Although SOL fell to a one-month low today, with NEAR also dropping by over 15%, AVAX was Friday’s second-biggest mover.
The world’s thirteenth-largest cryptocurrency fell to an intraday low of $55.42, following yesterday’s peak at $64.16.
This drop saw prices hit their lowest point in over four months, when prices fell below $55 back on January 23.
Looking at the chart, prices marginally broke out of support at $56.50 today, however like four months ago, bulls somewhat pushed prices back above the floor.
Another floor which has thus far been steady is the support point within the 14-day Relative Strength Index, which currently sits at 34.20
Providing this level of support remains firm, we could potentially see a rebound heading into the weekend.
Will bearish pressure continue to send crypto prices lower this week? Let us know your thoughts in the comments.
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