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The price of WAVES has declined continuously
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WAVES faces minor resistance at $10.30
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WAVES/USD is currently trading at $9.13
Source – TradingView
The Waves price has been in a pronounced downtrend, with bears dominating the charts for most of the months since October. After being rejected at $10.30 on January 27, prices dropped sharply and the token’s value slipped into the $9 zone. The collapse had a significant impact, and the downward momentum has continued into today.
WAVES/USD daily chart: bulls reached resistance at $12.80
Over the weekend, Waves showed a negative bias and the price fell to $8.55 today. Last week’s candles were largely red, indicating sustained selling pressure from the bears. However, bulls pushed strongly on January 26, lifting the price up to $12.80. Since then, bears have capped upward moves, and today they have regained some control—WAVES is currently trading around $9.15.
The moving average trades at $9.55, slightly above the current price, while remaining below the 50-day SMA line, which signals a bearish trend. Conversely, the 9-day simple moving average sits near $16, indicating that the strongest resistance lies at that level.
On the four-hour chart, bulls controlled price action for most of today’s session, but bears caused a sharp drop following a short-lived rally. Despite the downward momentum, the price briefly recovered and formed a daily bearish candle. Value has been climbing over the past eight hours, however, suggesting short-term consolidation after the sell-off.