Technical analysis by Cozybanana78 about Symbol WAVES: Sell recommendation (8/28/2023)

Waves is also anticipated to undergo a decline, similar to my Algorand analysis. The projection for Waves points towards a future price of $1.372, suggesting a potential downside of approximately 8.91% for an active short position. Waves has indeed confirmed a breakdown from its bearish flag pattern. This confirmation is characterized by a complete red candle and a death cross on the RSI below the 50-point mark. As a result, traders who have established long positions or those engaging in spot trading might want to reconsider their strategies. Waves is a blockchain platform that aims to facilitate the creation and management of decentralized applications (dApps) and custom blockchain solutions. It aims to simplify the process of building, launching, and managing blockchain-based applications for businesses and individuals. The platform utilizes a unique consensus mechanism called Waves-NG (Next Generation) to achieve high throughput and low latency for transactions.