After a stellar rise at the end of Q4 2018, WAVES price has slowly formed a descending wedge for nearly three months.
This is typically a bullish pattern with a target traditionally near the .618 Fibonacci retracement. So far, the price has failed to break out of the wedge on high volume.
However, it has drifted sideways through the wedge’s upper bound. Still, it continues to be suppressed by the pivot formed by the EQ of daily and weekly levels.
Underneath the current price is a weekly level which may provide support and an entry for traders if a stop run occurs before a bullish trend.
The end of the ongoing Vostok airdrop snapshot, as well as the upcoming airdrop, could provide the catalyst for the price to finally break out.
This is typically a bullish pattern with a target traditionally near the .618 Fibonacci retracement. So far, the price has failed to break out of the wedge on high volume.
However, it has drifted sideways through the wedge’s upper bound. Still, it continues to be suppressed by the pivot formed by the EQ of daily and weekly levels.
Underneath the current price is a weekly level which may provide support and an entry for traders if a stop run occurs before a bullish trend.
The end of the ongoing Vostok airdrop snapshot, as well as the upcoming airdrop, could provide the catalyst for the price to finally break out.