Waves (WAVES) Returns 130% in Just a Month: What’s Next?
The word waves bring the thought of pleasant beaches. Well, this cryptocurrency intends to turn your blockchain experience into a pleasant one. It is working on Web 3.0 technology for everyday transaction implementation in a more secure manner. It was launched by Russian Entrepreneur Alexander Ivanov in 2016 by raising $16 million through crowdfunding.
Fast forward to 2021, and we have witnessed Waves exposed in terms of valuation in 2020, the price action we witness in 2021, is the aftereffect of huge gains of 2020. From a low value of $1.00 to a high of $9 in 2020, Wave has made an all-time high of $41.95 in 2021, that too in just the first five months.
But the profit booking crept in and destroyed all the gains, as Waves stumbled to more than 71% to the lows of $12. But as it was just a profit booking without any substantial technical reason, Waves just like other cryptocurrencies have been attempting to retest their all-time high. Over the last two years, there has been immense traction and belief in the positive aspects of blockchain technology driving the valuations to new highs.
Waves Price Analysis
In August 2021, Waves is slowly closing towards month-high levels with a strong sense of positive buying. On the expectation front, since this blockchain is working in Web 3.0 has a lot of technical possibilities, unlike the sentimental value of older blockchain cryptocurrencies.
As the volumes on Waves token rise to fresh highs, it makes one thing clear, that is big fishes buying this token. Often followed by a red candle with smaller volumes, Waves cryptocurrency has entered a consolidation zone over the last two weeks. Waves attempted to get out of the small trading zone but witnessed a profit booking at month highs of $29.09. For the near term, we are expecting waves to sustain the breakout and head towards the resistance of $36.10.
Given the strong price momentum and increasing volumes, one can expect waves to reach $40 in the next few months. Consolidating for over a week must have flushed out all short traders, and their fresh entry in this cryptocurrency will only take it higher. In terms of technical indicators, RSI is trading in a bullish sentiment at overbought zones, while MACD is giving a second round of bullish crossover.
On hourly charts, Waves turned around from $26 and headed back towards $29 levels. It wouldn’t be easy to cross the upper limit of its consolidation range, but the technical indicators and lack of negative aspects in the price momentum indicate a possibility for Waves to trend towards $30 levels in the coming days as per our Waves prediction.
MACD has given a bullish crossover, signifying a strong possibility of trading higher. Volumes would play a critical role in the further momentum of the Waves cryptocurrency network. RSI indicator is working close overbought zones even on hourly charts re-confirming our stance of further positivity in Waves.