The trend is your friend! Let's check out if you should fill your bags with WAVES!👇 By CMCAlexandria Author: youngcryptowolf Editor: YousraAASheikh
At the time of this writing, WAVES is ranked as the 45th largest cryptocurrency, according to CoinMarketCap. TheWAVES claims to be a community-based open-source technology that can benefit finance, identification, gaming, and sensitive data sectors. But what does the WAVES token have for us in 2022? Let's take a look at the charts!Looking at the monthly time frame, we can seeWAVES is now testing resistance, with the potential for a breakout.
Since May, the token has been in a minor correction until finding support last month. The bulls have regained control now.History doesn't always repeat itself but it does often rhyme. The last time the price was at this level, we formed a local top and the price began its sell-off. Expect the price action to do a little consolidation at this level before making its next move.At the left side of the chart, you can see there were two instances when WAVES was at this level.The second time the price approached this level, there was minor consolidation before we saw the price make a reaction. There was a double test of resistance before we saw a sell-off.
A rejection from this level will make the price revisit the area of interest. However, a close above the resistance level will take the price to a newNow we are shifting down to the daily time frame and using the logarithmic chart. This time frame gives us a better look at when to pull the trigger.A rejection from this level will lead to a sell-off towards $23. A close above the resistance will trigger the price to revisit $30.However, a rejection here can quickly turn things around.