Can WAVES Trigger Another Rebound to $4.2 Following Recent Setback?

Bitcoin climbed towards the $19.5K mark. Meanwhile, the bearish order block it recorded on lower charts has spurned bullish advances. The leading crypto seems vulnerable to declines to $17.8K. Nevertheless, a BTC dip below $19K will likely drive the broad crypto market down.

Coinglass data indicated that Bitcoin recorded liquidations worth approximately $120 million within the previous day. Though BTC noted a weak rebound, WAVES enjoyed some success, moving past the $4 value area within the last 48 hours.

WAVES 4Hr Timeframe

The 4-hour chart shows the alternative token endured a massive downside during September’s initial week. Meanwhile, the market structure overturned decisively bearish flowing WAVES’ inability to keep $4.8. That saw the alt losing the $4.68 foothold.

The following days saw the price rebounding between $4.2 and $4.37 without much determination. The past few days saw WAVES surrendering the support at $4.2 and tested it as resistance.

The recent hours had Waves plummeting beneath $4 again. Trend-line support appears, but it may not be strong as the price only touched it twice on the chart.

WAVES 1Hr Timeframe

In that context, higher charts (beyond 4hr) favored bearish actions. The momentum has shown seller preference within the last two weeks, and the rebound from $3.7 remained somewhat feeble. Also, the attempt to surge toward $4.2 some days ago met a firm rebuff, catalyzing an immediate south move to $3.8.

Thus, long positions at the support of $3.95 remained risky. Waves’ failure to keep $4 opened the gates for bearish dominance in the near term. Thus, a selling opportunity might emerge following a $4 retest. The FIB retracement zones indicated that $4.02 & $4.08 might challenge buyers’ upside attempts.

Meanwhile, the Relative Strength Index dropped beneath the 50-neutral, highlighting bearish pressure. Also, the Chaikin Monet Flow slipped below -0.05, highlighting substantial cash flows out of the WAVES marketplace.

The on-balance volume was yet to witness a dip and confirmed an absence of massive selling momentum within the previous week.

Final Thought

WAVES price dipped beneath $4, representing a substantially lower chart development. Meanwhile, it noted a momentary halt at $3.92. a $4.022 retest will likely present a selling opportunity.

The alt would require a move beyond $4.08 – $4.1 to invalidate this bearish narrative. Meanwhile, short sellers might capitalize on southbound actions through profit booking at $3.83 and then $3.76.