Can WAVES continue to seek more upside amidst the bearish noise

WAVES has turned out to be one of the few cryptocurrencies whose price action has avoided more downside as the rest of the market crashed. A surprising turn of events considering that it tanked hard in April after delivering an impressive run in Q1.

Timeline of Waves

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. As the buyers finally deny the bears an extended sell-off liberty at the $12.8 -support, WAVES flipped the month-long trendline resistance (white) to support.

Though the largest cryptocurrency, Bitcoin, is on its fifth losing streak, the Waves coin fights off the broader market sentiment and turns green on the intraday chart. The altcoin rebounds from the $12.75-$12 support zone with a morning star candle and reaches the $14.48 mark.

The V-top reversal from the $62.36 mark has plunged the WAVES price to $12 support. The falling price has breached multiple support levels and EMAs support, displaying a 78.23% loss.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. While the sellers finally deny the bears an extended sell-off privilege at the $11.8 baseline, WAVES flipped the month-long trendline resistance to support.

Waves [WAVES] was in the news after its prices saw a small recovery, but the tides have turned since then. In fact, when you zoom out and look at the candles with a bird's eye view, you can see that WAVES has been plunging into the red since the start of April.

This month was a fraught time for one alt coin community in particular. Between March and April 2022, Waves [WAVES] hit all-time-highs above $50 but since then, the price of the asset has plunged.