Waves rate continues to fall after decoupling USDN from the dollar

Waves (WAVES) broke through important horizontal and diagonal levels, reacting to USDN decoupling from the US dollar It is very likely that the dynamics of the WAVES coin rate is due to the decoupling of Neutrino USD (USDN) from the US dollar. USDN is an algorithmic stablecoin of the WAVES project, which has been showing big problems lately. Sasha Ivanov, the founder of the WAVES protocol, tried to reassure the community by promising to present a plan for the revival of the Neutrino token (USDN) and a new stablecoin, while the USDN price is currently around $0.50. Over the past 13 days, it has dipped by about 46%. Source: TradingView WAVES breaks important support WAVES hit an all-time high of $63.88 and has been falling ever since. As a result, the price reached a low of $1.44 on December 21st. In the course of this decline, the WAVES price made a bearish breakout of the rising support line and the $2.30 resistance area (red icon). All of these are considered bearish signals. Technical indicators also paint a bearish picture. Thus, the weekly RSI fell below 50. If the decline continues, the nearest support will meet the price in the $1 area.. At the moment this seems to be the most likely scenario according to WAVES. The trend cannot be considered bullish until WAVES recovers above the $2.30 horizontal area and turns it into support. Source: TradingView The 6-hour chart shows that the WAVES price made a bullish breakout of the descending resistance line after the RSI index gave bullish divergence signals (green line). This trend line still remains unbroken. 6-hour timeframe allows for ease of rally towards $1.88 or $2.14. These are the Fibo levels of 0.382 and 0.618 corrections, respectively.. However, against the background of the bearish indicators of the daily timeframe, further decline should be expected. Source: TradingView Thus, long-term WAVES indicators are bearish due to bearish breakouts of important support levels.. An additional negative factor is the decoupling of the USDN rate from the US dollar. As a result, the most likely scenario for WAVES is a price decline towards the $1 mark. Meanwhile, a price recovery above the $2.10 area will cancel this bearish outlook.Disclaimer All information contained on our website is provided in good faith and is provided objectively and for informational purposes only. The reader is solely responsible for any actions taken by him on the basis of information received on our website.