Waves has had an amazing year rising nearly 5000% in 12 months. The altcoin market has been exploding recently with no end in sight. Although, this may be cooling off as WAVES hit a near 45 day top trend line.

The price of waves has formed a broadening wedge the last month and a half and the price has been respecting both trends very well. Recently, Waves hit an ATH of $42. The area of rejection was met with the top trend of the broadening wedge. For waves to have a shot at its ATH again, it must break and hold important resistance zone of $36.32.

After rising a great deal the last few weeks, it is evident Waves needs a cool off period. The price has been holding above its minor support area of $30.70 for almost a week. This area is also met with the 10MA which has held the price of waves for nearly 2 weeks. If price breaks below these marks, expect retracement to $23.70.

While looking at the RSI, it is easy to conclude that it needs some correction. The strength recently exited overbought levels and looks to extend to low 60 values. The Stochastic RSI also has been coming down as it was in overbought territory for nearly a week. A price correction on Waves seems very due.

WAVES intraday levels

• Spot rate: $31.45
• Trend: Bullish
• Volatility: High
• Support: $30.70
• Resistance: $36.32