The Roller Coaster Ride of Waves’ Price

Waves, the cryptocurrency that had everyone buzzing, just took its users on a wild ride. Soaring nearly 88% in less than a week, it jumped to over $21 before hitting some turbulence. Riding high, it seemed like the future was bright, but here comes the cloud of a ‘death cross’ looming above.

What’s a Death Cross Anyway?

Before you panic, let’s dissect this cryptic financial term. A ‘death cross’ occurs when an asset’s long-term moving average crosses above its short-term average—think of it as the cryptocurrency equivalent of a traffic light turning red when you’re cruising at full speed. Historically, this pattern has heralded the downturn of prices. Waves experienced a hair-raising 85% drop after its last death cross back in 2018.

The Technical Analysis Dilemma

In the latest weekly chart for Waves, the 50-week exponential moving average (50-week EMA) has ominously crossed above the 20-week EMA. Oh boy, looks like those waves just turned into choppy waters. After so much volatility, the market appears to be aligning itself under long-term bearish clouds.

Historical Context

The only other time we’ve seen this setup was back in June 2018. Following that, the market saw significant sell-offs that left investors gasping—and not in a good way. Waves’ impressive gains feel hollow now amid fears of another correction. Energy drinks are on hand, as technical analysts anticipate a drop beneath both long and short-term EMAs could trigger a sell-off frenzy.

What Lies Ahead for Waves?

As tides rise and fall, so do the prospects for Waves. The $21 price point has become a critical marker on the Fibonacci retracement graph. A spike occurred past that point in prior bullish attempts, but alas, the house of cards crumbled. Fibonacci tells us it might be wise to brace for a pullback, with potential support levels around $17, $13.50, and $11.

Is the Bull Really Dead?

If Waves pulls a miraculous comeback and moves decisively past $21.60, we could see bulls feasting at price levels around $34.50. Until then, it’s a sit tight and hang on kind of moment. Investors are now caught in a game of ‘will they, won’t they’—lots of intensity and stakes are high!

Final Thoughts

The cryptosphere remains ever unpredictable. Though Waves has delivered jaw-dropping gains, the imminent ‘death cross’ looms like a dark cloud, making investors wary. Just remember, in crypto, every risk is followed by reward or wreckage. Conduct thorough research before taking the plunge and hold on to your butts!