WAVES dropped from nearly $64 on March 31 to around $27.50 on April 7 — down by over 55%. As it fell, the WAVES/USD pair also broke below a key support confluence, hinting further correction.
Notably, the confluence comprises WAVES' 50-day exponential moving average (50-day EMA; the red wave) and the 61.8% Fib line of the Fibonacci retracement graph — drawn from $64-swing high to $8.34-swing low.
Now broken, they suggest that WAVES' path of least resistance is to the downside, with $25 acting as interim support due to its historical relevance as a price floor in October 2021 and March 2022.
