Waves an open blockchain protocol and development toolset for Web 3.0 applications and decentralized solutions has been attracting a lot of attention lately mainly due to the ballistic price action seen over the past few days. The network’s native token broke out extensively from July consolidation range between the support at $1.0 and the resistance limit at $4.0.
The most significant gains came into the picture following a break past the moving averages resistances including the 50 SMA and the 100 SMA. Meanwhile, trading above $2.0 encouraged more buyers to join the market. This led to increased trading volume and coupled with a good technical picture, sent WAVES/USD into the skies.
Waves is currently the 46th largest digital asset in the market by market capitalization. It has a market cap of $318 million at the moment. In the last 24 hours, WAVES has attracted a $3189 million trading volume; a massive improvement for assets that averages a volume of below $50,000. The market capitalization has almost doubled in less than seven days, reflecting the uptake on the token on multiple exchange platforms.
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From a technical perspective, Waves is staring into a possible breakdown especially if the support at $3.0 is shattered. The incredible price action from the beginning of the week was ballistic but hit a monthly high of $3.65. A minor reversal has been underway with the buyers holding tight to the support at $3.0.
However, technical signals from indicators like the RSI and the MACD highlight a building bearish momentum. If a bounce occurs at $3.0, WAVES could get the boost it needs for action above the next hurdle at $3.50 and kickstart the rally to the crucial level at $4.0.
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Spot rate: $3.0
Relative change: 0.24
Percentage change: 45% (gains in the last 24 hours).
Trend: Bearish bias