Generative Data Intelligence

Tag: WAVES token

Is Waves a Good Investment Before 2024?

WAVES is the native cryptocurrency of Waves blockchain that works on Leased Proof-of-Stake (LPoS) consensus mechanism. It supports smart contracts, decentralized applications (dApps), and...

Top News

Proof-of-Stake Altcoin Project Soars 122% in Less Than a Week As Crypto Markets Jump

A proof-of-stake blockchain project that offers a toolkit for building decentralized applications (DApps) is riding a wave of momentum to higher valuations. The Waves (WAVES) ecosystem aims to arm developers with a wide variety of building options, including for decentralized exchanges (DEXs), automated market makers (AMMs), lending, and non-fungible tokens (NFTs). The project also offers […]

The post Proof-of-Stake Altcoin Project Soars 122% in Less Than a Week As Crypto Markets Jump appeared first on The Daily Hodl.

WAVES Technical Analysis: Pattern Breakout Brings Bullish Reversal 

WAVES Technical Analysis: Price Declined by 14% in the Past Week

The WAVES coin price action shows a double bottom breakout that may lead to a potential trend reversal and reach the $15 mark. Waves is an all-purpose blockchain platform that can be used for a variety of purposes, including apps that are decentralized (DApps) and smart contracts.  The first DEX aggregator Puzzle Swap launches on Waves blockchain, causing investors to purchase Waves. This launch is a thrilling possibility to the community, given it is known that DEX aggregators are extremely sought-after as the adoption of crypto continues to grow. This suggests an increasing demand for the service, making the present a good opportunity to invest in the token. Let us move ahead to read about Waves technical analysis. Past Performance of WAVES WAVES coin price forms a double bottom pattern near the $8 mark after the downfall of almost 75% in the past four months. The correction phase started with the rejection near the $36 mark. However, the recent double bottom breakout brings a recovery of 50% from $8 resulting in a potential trend reversal.  WAVES/USD Daily Chart WAVES Technical Analysis The WAVES coin price breaks above the neckline of a double bottom at $10.5 and continues to approach the $12.5 mark. However, the price struggles to rise above the $12.5 mark as the sellers attempt to undermine the bullish recovery. The crucial Exponential Moving Averages (50,100, and 200) show a bearish alignment in the daily chart with the 50-day average providing dynamic resistance. The breakout of this average can lead to a price jump to the 200-day average at $17. The MACD indicator shows rising fast and slow lines after the bullish crossover in the negative territory. Moreover, the bullish trend in histograms showcases a rise in buying pressure. The RSI indicator shows the slope crossing above the 50% mark into the nearly overbought zone after the bullish crossover with the 14-day SMA. Hence, the indicator showcases growth of bullish interest in the WAVES token.  In a nutshell, the technical indicator showcases an increase in the buying pressure which continues to fuel the uptrend. Upcoming Trend The WAVES coin price shows the double bottom breakout near $8 that marks the potential trend reversal. However, the 0.236 Fibonacci retracement level at $14.5 acts as the first line of bearish defense. The crucial upcoming resistance levels are at $14.50 and $17 after the 50-day EMA. On the opposite end, the support levels are at $10 and $8.

The post WAVES Technical Analysis: Pattern Breakout Brings Bullish Reversal  appeared first on Cryptoknowmics-Crypto News and Media Platform.

Latest Intelligence

spot_img
spot_img
spot_img

Chat with us

Hi there! How can I help you?