Waves is at a decision point right now and here is why:

There has been bullish fundamentals developing recently for waves with the waves 2.0 platform migration in the works as well as 80% of the coins being locked up in staking. If the coins are locked that means you cannot sell them, which has likely contributed to this extreme upward movement we see here, among other things.

To the TA side of things:

1) *Not shown in order to keep down clutter* we are in what can be perceived as a quite large descending channel formation. Waves has been in this pattern for roughly a year. Keep in mind: longer consolidation means more extreme breakouts, weather it be to the upside or downside. If you extrapolate the price target from this descending channel it puts waves around the $100 mark.

2) *Not shown in order to keep down clutter* if you take a fib retracement from the previous high to the previous low, the 3.618 level lines up with the descending channel extrapolated line at $100.

3) We have moved upwards almost 300% in about two weeks. IMO this fast of a move up is extremely dangerous as we’ve pretty much overextended most of our technical indicators to the upside. I expect a pullback soon to lower price levels before potentially breaking WAVES all time high.

4) Boxes. If you see a green box that is a zone of support; red, a zone of resistance. Right now we are currently fighting a key area of resistance.

5) I have outlined two scenarios with blue arrows. I’m more inclined to believe we will see something more along the lines of scenario 2 than 1, though there is a small chance we see scenario 1 play out.

6) We have a triple top on WAVESBTC pair to keep in mind.

7) If you have learned something from this or have enjoyed my analysis, be sure to check out my YouTube channel for more content!