here I applied a wyckoff approach to this. I labeled the selling climax (SC) the automatic response (AR) and secondary tests (st) as well as potential area for signs of strength (SOS) we shall see.
While this analysis is technically sound and interesting I do not think it is possible to correctly predict the price action without taking into account general market outlook for both BTC as a leading project and major alts. BTC is showing signs of continuation of upward movement and the major alts are in sync finishing their correction in terms of BTC. Based on that premise I do think that the risk of Waves dipping below 2$ is minimal. In order to do that Waves would have to decouple from other alts which will be very hard to achieve without some kind of fundamental crisis within Waves ecosystem itself. I do not see any crisis in the horizon - quite the opposite - neutrino's novel approach to DEFI is the best reason for the price to increase I've seen in months or maybe ever.
mattcorwin1
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@humoongus, I think you are totally right. Good points, I appreciate the insight.