Waves steady decline could be over and the upside corrective wave is expected. Price found the bottom at $1.58 were it rejected the lower trendline of the descending channel. MACD has formed a strong bullish divergence, also suggesting on the upcoming correction up.
While the current support is holding, WAVES/USD should start correcting upwards and potentially could double in value from the current price. Now WAVES is trading at $2 and the resistance is seen at $4.38, that is 38.2% Fibonacci retracement level. The resistance is also confirmed by the lower trendline of the broken ascending channel and the 200 Moving Average area.
Therefore, as long as the support is not penetrated, 100% growth to be expected in a relatively short period of time. But break and close below the $1.58 level should invalidate bullish scenario and price is likely to decline towards the strong psychological support at $1.
While the current support is holding, WAVES/USD should start correcting upwards and potentially could double in value from the current price. Now WAVES is trading at $2 and the resistance is seen at $4.38, that is 38.2% Fibonacci retracement level. The resistance is also confirmed by the lower trendline of the broken ascending channel and the 200 Moving Average area.
Therefore, as long as the support is not penetrated, 100% growth to be expected in a relatively short period of time. But break and close below the $1.58 level should invalidate bullish scenario and price is likely to decline towards the strong psychological support at $1.
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