WAVES Price Analysis: WAVES token price rockets by 17% after breaking out from the massive descending triangle

  • WAVES token price is presently in the run to re-test the support of the 100 EMA on the daily chart 
  • The press time price of WAVES/USDT is $15.84 established on the back of a 5.82% decline in the past 24 hours
  • Vires.Finance protocol launched its governance token $VIRES on the WAVES Blockchain 

What is WAVES Protocol and should you consider investing in it?

WAVES Protocol seeks to solve the most prominent issue of the crypto-verse, which is the complication. Waves attempts to remove the technical barriers from the process of token creation and enable anyone to launch their digital asset without any prior knowledge of programming. 

The user-friendly network has gained mass adoption through its simplicity. In addition to validating smart tokens to just anyone, Waves protocol has set the bar by overcoming the following challenges of high transaction fees, low-throughput, and PoS technology.

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With Ethereum being one of the WAVE’s top competitors, the notion of simplicity will enable Waves protocol to capture EThereum’s traffic. That being said, with the birth of Waves protocol, the process of token creation, crowdfunding, staking has never been easier. Considering the specialty of the network, there is no reason why investors shouldn’t grab hold of this digital asset. 

WAVES Token re-inspecting the support of the 100 EMA

WAVES/USDT on TradingView

Courtesy of rebound from the July low, WAVES price staged a recovery of an overall 44%. The massive jump enabled the price to break out from the descending triangle pattern on the daily chart. In addition to the clean breakout, the current trend is being guarded by the support of critical EMAs. 

Presently in the running to re-test the support of the 100 EMA, Waves token is under the barrier of the 0.5 FIB located at $16.08. A decisive closen beneath that resistance level will expose the critical EMAs as reliable support cushions. 

Nonetheless, the 20 EMA is inclining towards transpiring a golden cross with the 100 and the 50 EMA respectively. The success of the crossover should contribute to igniting another rally, followed by the attempt to breach the overhead resistance of $18. 

Additionally, the resistance of $17 has been serving as a critical opposing factor in invalidating the efforts of the bulls. A violation of that particular level will lay the ground for an upswing of a minimum 9% upswing. 

The Daily Stochastic RSI (bearish) has entertained a bearish crossover after bottoming down at the summit. This has caused the seller’s line to overpower the buyer’s line, thus projecting a fallout of 7%. 

SUPPORT : $14.9, $13.6
RESISTANCE : $16, $17.18

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Malishka Velanihttp://www.thecoinrepublic.com
Malishka Velani is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning

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