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- WAVES price is seeing a selling momentum from the last few days . In contrast, it has seen a loss of 14.35% in intraday session
- Technical indicators hint at bearish momentum for Waves price. Meanwhile WAVES/BTC pair is at 0.0006389
Waves has a market capitalization of $3,174,530,126.48 and is ranked 51 in the cryptoverse .The volume of the coin has also seen a downfall of 40%. Volume to Market capitalization ratio for the coin is 0.1235. This can push the WAVES price down to lower levels.
Why To Invest In WAVES?
Waves is a multi-purpose blockchain platform which has various use cases. It includes decentralized applications (DApps) and smart contracts. It was launched in June 2016 and has seen a ROI of 2169%. Waves is set out to improve on the early blockchain platforms and products. Its network is secured by Proof of Stake Algorithm.
The price went up by more than 300% in just two months. A further uptrend can be anticipated in the upcoming days.
Technical Indicator Forecast A Bearish Momentum For WAVES Price
The weekly technical chart of Waves shows a weak bearish momentum for the coin. The price has formed several long wicks on the daily chart. It shows that the bears may take control of the price action. The price is trading above 50 and 100 Daily Moving Average. The 50 DMA(RED ) line is at $19.36, making it temporary support for the price. The coin can face hostility on the upside at $40. Meanwhile the bounce back for the coin can be expected from $21. The coin is currently seeing a bearish momentum. If the price goes below $20 , then one can expect a strong downtrend. WAVES/BTC pair is also on a bearish trend and can soon see a breakout from support.
RSI(Bearish): It is trailing at 63.65 , highlighting its presence in the neutral zone. There is negative slope formation, showcasing that price might be in a downtrend. The overall sentiment of the RSI is bearish
Conclusion
WAVES price interpolable nature with Ethereum has acted as a catalyst for the price. The gain of more than 300% in less than two months can continue further. The coin is currently seeing a selling momentum but can soon revert its position. An investor should do their due diligence before investing.
Technical Levels
Major Support:$21
Major Resistance:$40
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
