The post <a href="https://coinpedia.org/price-analysis/waves-price-60-jump-halts-at-2-4-is-it-a-buying-entry-spot/">WAVES Price 60% Jump Halts At $2.4. Is It A Buying Entry Spot?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
With a strong bullish trend in motion, the WAVES price trend sustains dominance over the $2 mark. Currently, the pullback phase in the uptrend brings an entry opportunity for sideline traders and teases a bounce back to higher levels.&nbsp; 
However, the slowdown in the altcoins market warns of a breakdown possibility like the support trendline fallout. So, should you consider buying this or wait for a breakout signal? 
<figure class="wp-block-image">
 <img decoding="async" width="1600" height="768" src="https://image.coinpedia.org/wp-content/uploads/2024/01/16131436/image-68.png" alt="" class="wp-image-261640" srcset="https://image.coinpedia.org/wp-content/uploads/2024/01/16131436/image-68.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/01/16131436/image-68-300x144.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/01/16131436/image-68-1024x492.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/01/16131436/image-68-768x369.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/01/16131436/image-68-1536x737.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/01/16131436/image-68-150x72.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
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 Trading View
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Source- <a href="https://www.tradingview.com/x/hmAPs9pk/">Tradingview</a> 
The higher low formation trend in the WAVES price trend finds the support of the 50D EMA and reached the $3 mark in early 2024. However, the recent pullback to the support trendline leads to a longer consolidation compared to previous bounce-backs.&nbsp; 
However, the recent overnight jump of 1.88% finds the support of increased trading volume, improving the reversal chances. Currently, the WAVES price trades at $2.439, with a Doji candle formation reflecting an indecisive phase for the altcoin.&nbsp; 
Nevertheless, the weakness in the trend momentum is minimal and this supports the reversal possibility. Hence, the dip in the altcoin to the support trendline is a potential buying opportunity for the sideline traders.&nbsp; 
Technical Indicators: 
RSI Indicator: The daily Relative Strength Index (RSI) indicates a trend of recovery, moving laterally as it nears the midpoint. This suggests a temporary halt in the momentum of the recovery trend. 
EMA: The 50D EMA provides dynamic support to the growing trend and aligns with the rising trendline. Further, the confluence with the 38.20% Fib level increases the chances of reversal.&nbsp; 
<h2 class="wp-block-heading" id="h-will-the-waves-price-reach-5">Will The WAVES Price Reach $5?</h2> 
The WAVES price, currently finding support at the crucial $2.40 level, aligns with the 38.20% Fibonacci level, suggesting a potential reversal rally. This could present an entry point for traders on the sidelines, as a suitable buying opportunity. 
If a reversal does occur, the uptrend could gain enough momentum to challenge the $3 high, possibly leading to a breakout that could extend up to $5. However, should the price fall below the $2.40 support level, it could trigger a further decline, potentially testing lower levels at $2.26 or even $2.

WAVES Price 60% Jump Halts At $2.4. Is It A Buying Entry Spot?

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