WAVES Technical Analysis: Bearish EMAs Challenge The Bullish Growth

After a failed head and shoulder pattern, WAVES coin price shows a consolidation range between $8 and $12. Will the reversal break above $12? The WAVES coin price reverses from the $8 mark, failing a head and shoulder pattern. The reversal brings a 30% price jump that challenges the 50-day EMA and hints at a range breakout. Will the sudden reversal rise above the 50-day EMA? Key technical points: WAVES price action challenges the 50-day EMA The RSI slope surpasses the central mark The 24-hour trading volume in the WAVES token is $324 Million, indicating a 50% rise. Past Performance of WAVES With the failure of the bearish continuation of a head and shoulder pattern, the WAVES coin price rises 30% higher from the $8 mark. The reversal marks the start of a consolidation range, with the 50-day EMA projecting the possibility of an early reversal. However, the increased trend momentum launches the case of a range breakout. Source-Tradingview WAVES Technical Analysis The bullish rally in the WAVES coin price created multiple bullish candles in the last week with increased trading volume. Hence, the price action reflects an increased trend momentum that may surpass $12 to reach $18. The altcoin price chart shows the crucial EMAs- 50, 100, and 200 maintaining a bearish alignment. The ongoing rally struggles to surpass the 50-day EMA, which will reach the 200-day EMA if successful. The DMI indicator shows the DI lines maintain a bullis...