While Waves (WAVES) has broken out from a descending resistance line, it has yet to reclaim a crucial horizontal resistance level at $8.60
WAVES has been falling since reaching an all-time high price of $63.88 on March 31. The downward movement has so far led to a low of $4.13 on May 28. This decrease also caused a breakdown from the $8.60 horizontal support area.
Previously, the area had acted as support since March 2021. Due to the fact that it was such a long-time support level, whether the price validates it as resistance or reclaims it will likely determine the direction of the future trend. The latter would mean that the breakdown was only a deviation and would be expected to lead to an upward movement. Conversely, the former would lead to lower prices.
Measuring from the all-time high, the price has fallen by 87%.
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