Technical Analysis: AVAX, WAVES and Near Trade Over 20% Higher on Tuesday
AVAX, NEAR and WAVES were undoubtedly some of the biggest gainers on Tuesday, as crypto markets were over 14% higher as of writing. LUNA was also higher, and climbed by as much as 22% in today’s market session.
WAVES
WAVES was easily the biggest gainer during Tuesday’s trading session, as it rose by as much as 46% on the day.
Today’s rally in WAVES/USD saw prices climb to their highest level since December 17, hitting the long-term resistance point of $19.60 in the process.
This surge comes as the ceiling of $12.60 was broken during yesterday’s session, with gains extending throughout the course of today.
As of writing this, WAVES rose to an intraday high of $19.67, which comes less than 24-hours after trading at a low of $12.63.
Looking at the chart, you can see that profit-takers immediately began closing their positions once WAVES had reached resistance.
Price strength has also climbed by its most on record, with the 14-day RSI currently tracking above 75.
NEAR Protocol (NEAR)
Although AVAX was up by as much as 20% on Tuesday, gains in the cryptocurrency faded as bullish pressure slightly subsided.
However, NEAR, which was trading above 20% earlier today, continued to do so as of writing this, as Tuesday’s session matured.
As of writing, NEAR/USD rose to a high of $11.53 today, following an intraday low of $9.10 to start the week.
This bullish pressure has seen NEAR rise for two consecutive sessions, moving away from its support point of $8.11.
Last week saw prices trade at their lowest level since December 5, however, following a break from the 50 level on the 14-day RSI, bulls appear to have returned.
WAVES now looks as though it is heading for the $12 resistance level, if it does hit this, bears, or profit takers could see this as an opportune time to liquidate.
Is WAVES a potential top 30 cryptocurrency? Let us know your thoughts in the comments.
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