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- The market valuation of WAVES/USD has been slowly pushed downwards in a range moving manner to sit a bit below $2.50 mark.
- A push southwards further could result in testing a low mark at $2 in near time of the trading operations of the WAVES/USD market.
WAVES /USD Long-term Trend – Ranging
- Distribution territories: $3.50, $4, $4.50
- Accumulation territories: $1.50, $1, $0.50
The price operations of WAVES as traded against the market valuation of the US dollar have slightly succumbed to a downward moving pressure over time in a range. The last May 24 bearish candlestick still responsible for the current low range moving mote of the market until now.
The market’s 14-day SMA indicator has briefly bent towards the south above the 50-day SMA. Price has been hovering a bit below the range spot at $2.50 in a convergence formation outlook. The Stochastic Oscillators have dipped into the oversold to seemingly begin a consolidation movement within it.
Whilst the downward price movements hold long in the WAVES/USD market, there would be the potency of the pair retesting a low point at $2. Meanwhile, any possible sudden spike around the noted convergence trading zone could cause the market to revisit a high mark between $3.50 and $4 trade territories. An interception of the 50-day SMA by the 14-day SMA could as well cause a prolong in the presumed lower range zone.
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