IOTA, WAVES, SOL: Technical Analysis For April 9

IOTA (IOTA) has completed a corrective movement and is now likely in sub-wave five of a bullish impulse.

Solana (SOL) has been increasing rapidly since March 26 and reached a new all-time high price today.

Waves (WAVES) has broken out from the $14 resistance area and has reached a long-term resistance level.

IOTA (IOTA)

On Feb. 19, IOTA reached a high of $1.70. While it has been moving upwards, the first portion of the move seemed to be corrective rather than impulsive.

Therefore, it is likely that the ensuing move was a running flat correction. This completed sub-wave four (orange), and IOTA seems to be in sub-wave five of a long-term wave three (white). 

A potential target for the top of wave three is found at $2.75.

Indicators in the daily chart also look bullish. The Stochastic oscillator has made a bullish cross. Both the RSI & MACD are increasing. The latter has crossed into positive territory.

In addition, there is a bullish re-test of the $1.65 area, which was followed by a bullish engulfing candlestick. 

Therefore, IOTA is likely to increase towards the previously given target at $2.75.

Highlights

  • IOTA has completed a running flat correction.
  • Daily technical indicators are bullish.

Waves (WAVES)

On Feb. 19, WAVES reached a high of $14.54 and began to decrease. While it created a bearish engulfing candlestick the next day, it has since regained all of its losses. 

On April 9, WAVES managed to break out. Currently, it is trading right at the 0.786 Fib retracement level at $18.40. If it successfully manages to move above this level, the token would find the next resistance at its all-time high of $23.45.

The daily chart shows that WAVES has broken out from the $14 resistance area.

However, the daily candlestick measure an increase of 37%, which looks like an outlier. 

Furthermore, there is short-term resistance at $18.35, aligning with the long-term resistance level. 

Therefore, some retracement is expected before the continuation of the upward move.

Highlights

  • WAVES has broken out from the $14 resistance area.
  • WAVES is trading close to a long- and short-term resistance level at $18.35.

Solana (SOL)

SOL has been moving upwards since March 16. So far, it has done so by 131% in only 14 days, culminating with an all-time high price of $28.78 on April 9. 

The high is reached very close to the 2.61 external retracement, a likely reversal area. 

Despite this, there are no clear bearish reversal signs. The MACD, RSI & Stochastic oscillator are increasing. 

The next resistance area is found at $36.

The short-term chart shows some weakness in the form of bearish divergence in both the RSI & MACD. 

Therefore, SOL may drop towards $22.5 before resuming its upward movement.

Highlights

  • SOL reached a new all-time high on April 9.
  • There is resistance at $29.22 and $36.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

This news is republished from another source. You can check the original article here

Be the first to comment

Leave a Reply

Your email address will not be published.


*