- Waves crypto price declined 10.41% during the weekly trading session.
- The oscillators are showing positive signals in the current phase.
- An increase of 57% has been observed in the last 24-hour trading volume.
Launched in June 2016, Waves ((WAVES) is a multichain-blockchain platform that supports decentralized applications (DApps) and smart contracts. Waves is a native token of this blockchain with an uncapped supply primarily used for standard payments like block rewards. Waves blockchain uses a Bitcoin-NG-based technology called Waves-NG, a proof of stake (PoS) consensus algorithm to secure network transactions.
WAVES Crypto Reflected 81.54% Positive Returns in the Last Six Months
In January 2024, Waves Crypto experienced negative drawbacks from the $3.21 resistance level. The price decreased by over 20% during that month due to the positive returns of the previous four months. The cryptocurrency showed a bullish correction period. However, an upsurge of 28.06% has been observed in February 2024.
The profitable month became a bullish indicator for crypto cruisers and traders. They placed their active positions in March 2024 and surged the price by over 80%. Afterward, the profit booking happened in the price from the $4.97 resistance, resulting in an opposing rally in the current month.
The total diluted valuation of the cryptocurrency is assumed to be $304.24 million, with an uncapped maximum supply of tokens. 114.32 million WAVES tokens are circulating in the market. The current market capitalization is $308.81, almost the same as the total diluted valuation.
Price to Volume and Social Dominance Analysis
The social buzz of the cryptocurrency has been averaging above 0.154% across social media platforms. In comparison, the price and volume don’t seem to have any noticeable impact on social dominance. The price slowly rose since early February 2024, and the volume caught up after mid-February 2024. The social Waves cover 0.114% dominance in the current phase.
Technical Analysis of the WavesPrice
The current price slipped below the key exponential moving averages and rebounded between them. The cost exceeds the 200-day EMA, reflecting an uncertain trend and a short-term rise.
WAVES crypto price faced heavy selling from the $4.97 resistance level on March 14, 2024. The price decreased almost 50% from that level, reaching the $2.51 crucial bullish point of interest (POI). The current price is getting some bullish reactions from that POI. The price can surge up to the $5.34 mark if the price gives a closing above $4.21. The $2.04 is a significant support for the Waves price.
The relative strength index (RSI) shows standard bearish momentum in current sessions, indicating sellers’ control over the price. The RSI is moving at 35.51 below the signal line.
Summary
Waves crypto price has given an opposing rally from the $4.29 resistance level. The sellers are dominating in the current trading phase. However, the price came down to a crucial bullish POI, which can become a trampoline for a potential bullish reversal. The WAVES price can surge up to the $5.34 mark if the price gives a closing above $4.21. The $2.04 is a significant support for the price.
Technical Levels
- Resistance Levels: $4.21 and $5.34
- Support Levels: $2.51 and $2.04
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.