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- 1 Waves protocol came into the game in 2016.
- 2 Waves Protocol has introduced fixed network fees over the platform.
- 3 The bullish investors are trying to get past the immediate resistance level of $3.064.
Waves is a decentralized open-source tech platform that supports dApps and smart contracts for creating scalable apps. Introduced in June 2016, Waves has undergone numerous adjustments and included fresh spin-off features to enhance its original concept. The platform uses the WAVES coin, which has its on-chain governance and is used for customary payments like block rewards.
WAVES holders can vote on on-chain changes through “Waves Enhancement Proposals” (WEP), with 80% participant support required for any protocol modifications.
Waves have the potential to create a wide-reaching blockchain ecosystem that can facilitate various functions needed for corporate adoption. It opens up exciting possibilities for new business models, NFTs, and DAOs. Waves offer fast and cost-effective services while remaining environmentally conscious. It also promotes easy interoperability with other ecosystems.
Features of Waves Protocol
Moreover, Waves has implemented fixed network fees, which remain fixed, except during network overload. It is made possible by the protocol design and smart contract language. Smart contracts function as protocols on the blockchain, similar to traditional contracts on paper.
The platform aims to support a minimum of 1,000 transactions per second, which is essential for DeFi apps that handle numerous users and frequent low-volume transactions.
It ensures swift transactions for the users. WAVES token owners can earn passive income by staking their tokens with the Waves protocol. It aims to offer a simple entry point to its ecosystem, making it user-friendly.
To facilitate the creation and management of dApps, Waves provides various products, tools, and elements to developers.
Technical Analysis & Prediction of the WAVES Coin Price
The WAVE coin price has been rising since the start of this November. The bullish momentum has broken major resistance levels. At present, the bulls are facing strong resistance at the level of $3.064.
However, looking at the current price action in the crypto markets. It is very much possible for the bulls to break past this resistance.
The RSI on the other hand has already reached its overbroiught zone which means that the bulls have a high selling pressure. The 50-day and 150-day EMAs have done a bullish crossover, again showing bullish strength in the market. The price prediction as per the current market scenario, is bullish.
Furthermore, the trend will be confirmed once the WAVES coin price is sustained above the current resistance.
Conclusion
Waves is a decentralized open-source platform for creating scalable apps. It has the potential to facilitate various functions for corporate adoption. Waves has implemented fixed network fees, but the current crypto market suggests a bullish break past immediate resistance is possible.
Technical Levels
- Support Levels: $2.130 and $1.442
- Resistance Levels: $3.064 and $4.042
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 other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
