Traders Should Look Out For These Bearish Signs For WAVES

• WAVES is mimicking patterns previously seen from LUNA.
• The crypto is trading at $1.75 after a 0.26% increase in price.
• The price of WAVES is breaking away below the 9-day EMA line.

A crypto analyst @CryptoCapo_ took to Twitter on December 15 to share his thoughts on how Waves (WAVES) may behave in the upcoming days.

According to the analyst, some of WAVES patterns are mimicking what he has seen with LUNA in the past, and he believes that a 70-99% dump could be on the cards for WAVES in the near future.

Data from CoinMarketCap indicates that WAVES is currently trading at $1.75 after a 0.26% increase in price over the last 24 hours. WAVES reached a high of $1.80 over the same time period. However, the coin is still down by more than 17% over the last week.

WAVES’ 24 hour trading volume is also in the red zone and now stands at $73,918,907 after more than 24% drop since yesterday.

With its market cap of $191,938,118, WAVES is currently ranked 124 among the biggest cryptocurrency in terms of market capitalization. This places the crypto right behind JUST (JST) which occupies position 123 and in front of Chia (XCH) which is ranked 125.

The 9-day EMA is currently positioned below the 20-day EMA on the daily chart for WAVES/BUSD. In addition to this bearish flag, the price of WAVES is breaking away below the 9-day EMA line.

Another major bearish technical flag is the daily RSI line which is currently in extreme oversold territory and still sloped negatively. This suggests that the selling frenzy for WAVES is not over yet.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.