WAVES Breaks Out From Long 307-Day Resistance
Be[In]Crypto takes a look at the price movement for seven different cryptocurrencies, including Waves (WAVES), which has broken out from a descending resistance line.
Bitcoin (BTC) has been increasing alongside an ascending support line since Jan. 22, having recently bounced on March 7 and initiated an upward movement.
While short lived, the decrease has been retraced entirely as of press time. Indeed, BTC is currently in the process of creating a bearish engulfing candlestick.
If this trend is confirmed, this would likely lead to a breakdown from the ascending support line.
Since Jan. 24, Ethereum (ETH) has been consolidating in what appears to resemble a symmetrical triangle, or a neutral pattern. This illustrates the possibilities of both a breakout and breakdown.
As of press time, ETH has fallen below the middle of the channel and is gradually decreasing towards its support line, which rests at $2,400.
If it reaches the support line, it would validated it for the third time.
On March 8, XRP broke out from a descending resistance line that had previously been in place since early February.
However, the ensuing increase was short lived, as XRP was rejected by the $0.77 resistance area. As of press time, XRP is in the process of falling below the previous descending resistance line.
If this pattern continues, a downward movement towards $0.63 would be expected.
WAVES is a cryptocurrency founded by Ukrainian-born scientist Alexander Ivanov (Sasha Ivanov) and multi-purpose blockchain protocol designed to support many DApps and smart contracts.
On March 8, WAVES broke out from a descending resistance line that had previously been in place for 307 days. It proceeded to reach a high of $31 after two days.
Many believe that the reason behind its momentum involves the recent announcement that the protocol has begun the process of migrating towards Waves 2.0 – an upgrade that will make the network faster, more secure, and Ethereum Virtual Machine (EVM) compatible.
If it returns to validate the descending resistance line, the level would coincide with the $23 horizontal support area.
Conversely, the closest resistance area is at $32.50.
Since reaching a high of $0.041 on Feb. 10, Smooth Love Potion (SLP) has continued to fall in a downward movement leading to a low of $0.0165 as of February 24.
While this is the 0.786 Fib retracement support level, SLP has not shown any bullish signs. Ultimately, it is trading inside a symmetrical triangle, or neutral pattern.
On Jan. 24, Feb. 24 and March 7, ICON News (ICX) created a triple bottom, which is considered a bullish pattern. Consequently, this often leads to bullish trend reversals.
ICX increased considerably on March 9 and reached a high of $1.09 the next day. However, it was rejected by the $1.10 resistance area (red icon) and created a long upper wick.
Until this area is reclaimed, the trend cannot be considered bullish.
OmiseGO News (OMG) has been decreasing inside a descending parallel channel since early December.
On Feb 24, it bounced at its support line and began the current upward movement.
Currently, OMG is in the process of reclaiming the middle of this channel. If so, this would likely lead to a breakout from the channel and the acceleration of the upward movement.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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