Global crypto markets were trading nearly 6% lower as of writing this, with SOL one of the biggest crypto’s to fall during the session. While falling by over 12% on the day, RUNE and WAVES fell by as much as 20% on Thursday.
WAVES was easily one of the biggest gainers in March, as it rose from a low of $10, climbing to a now record high of $64.
Since then, WAVES has been in free-fall, falling for six consecutive sessions, and is now trading at a two-week low below $30.
As of writing this, WAVES/USD dropped to an intraday low of $27.43 during Wednesday’s session, which is its lowest point since March 17.
Today’s drop means that prices are now almost 50% lower than at the same point last week, and comes as traders continue to dump the token following recent record highs.
Looking at the chart, today’s fall moved past support at $30, and looks to be in search of a durable floor, which could come at $24.
Price strength is also within the oversold territory, relatively speaking, with the 14-day RSI tracking at 40.5, which is the lowest point since February 22.
Despite this, we may still see further falls in WAVES, with the long-term floor of the RSI indicator located around the 21 level.
Should bears look to weaken this even further, we may soon be tracking below $20.
RUNE was another big mover towards the end of last month that has so far struggled for bullish momentum in April.
Following a peak of $13.21 just under a week ago, RUNE/USD fell to a bottom of $9.25 on Wednesday.
This is the lowest level RUNE has fallen to since March 26, and comes as a result of seven consecutive sessions of declines.
RUNE/USD – Daily ChartAlthough today’s decline has somewhat eased, RUNE is still down nearly 18% from Tuesday’s high, and is currently sitting at $9.35.
Despite this, we could see the situation worsen, with many expecting prices to fall to the support point of $9.00 in the next few sessions.
The 14-day RSI is currently at 50.30, which has acted as a floor in the past, however, should this level be broken, we may see further declines from RUNE.
Are today’s moves in RUNE and WAVES just a correction following recent highs? Let us know your thoughts in the comments.
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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