• Waves surged 36.84% in a short period of time before pullback
• The price action had already displayed its bullish intent with candlewick above the $2.15 level, while the OBV and RSI stayed above neutral 50 to highlight sustained bullish momentum
• Open Interest surged by close to $17 million in recent hours suggesting short liquidations may have fed the WAVES impulse move higher
Recent Surge in Waves Price
The recent rise and fall of WAVES measured 36.84%, happening within an hour. In the early hours of 10 July, WAVES shot upward from $2.12 to $2.89 before retracing almost all the gains.
Signs of Bullish Trends
The 4-hour timeframe chart of WAVES showed that not a lot has changed over the past week despite the recent pump. Prices tested the 61.8% Fibonacci retracement level in late June before moving higher on 9 July, displaying bullish intent with a candlewick above this mark at $2.15 level. The OBV continued to trend higher over the past few days while RSI stayed above neutral 50 to highlight sustained bullish momentum, hinting at bulls gearing up for another push higher towards resistance levels at $2.89, $3 and $3.26 . A drop below the $1.97 mark would show beginning of bearishness with more drops below $1.83 confirming sellers’ dominance in market conditions .
Data from Coinalyze showed that Open Interest surged by close to $17 million in recent hours suggesting that short liquidations may have fed into WAVES impulse move higher during this period .
In a recent report , it was highlighted that Waves [WAVES] prices are likely to reach their June highs soon .
Although debate can be made around “why” certain prices are moving , what matters most is whether information can be used to generate profits or losses . At present, signs point towards continued bullishness as long as resistance levels are not broken and dips below key support levels such as those mentioned above are avoided .