The word waves bring up the idea of idyllic beaches. Well, this cryptocurrency intends to turn your blockchain experience into an enjoyable one. It is working on Web 3.0 technology for daily transaction implementation in a more secure manner. It was launched in 2016 by Russian entrepreneur Alexander Ivanov, raising $16 million through crowdfunding.
Fast forward to 2021, and we have highlighted the waves in 2020 in terms of valuation, the price action we have seen in 2021 is the result of huge 2020 gains. From a low of $1.00 to a 2020 high of $9, Wave made an all-time high of $41.95 in 2021, that too in just the first five months.
But when Waves fell over 71% to a low of $12, profit booking accelerated and all gains were lost. But since this was just a profit booking without any substantial technical reason, Waves, like other cryptocurrencies, is attempting to reclaim its all-time high. Over the past two years, there has been immense traction and trust in the positive aspects of blockchain technology taking valuation to new heights.
Waves Price Analysis
In August 2021, the waves are gradually closing towards the month high with strong positive buying sentiment. On the expectation front, since it is operating in Blockchain Web 3.0, it has a lot of technical potential, unlike the sentiment value of older blockchain cryptocurrencies.
as the volume Waves Token Reaching new highs makes one thing clear, it is the big fish to buy this token. The Waves cryptocurrency has entered a consolidation zone over the past two weeks, following an often red candle with small volume. Waves attempted to exit the short trading zone but saw profit-booking at a month high of $29.09. In the near term, we expect the wave breakout to sustain and move towards the $36.10 resistance level.
Given the strong price momentum and increasing volume, Ripples can be expected to reach $40 in the coming months. Consolidating for more than a week should exclude all small traders, and their new foray into this cryptocurrency will only take it further. In terms of technical indicators, RSI is trading in a bullish sentiment in overbought areas while MACD is giving another round of bullish crossover.
On the hourly chart, the waves rebounded from $26 and moved back to the $29 level. Crossing the upper limit of its consolidation range will not be easy, but lack of downside in technical indicators and price momentum indicates a possibility of Waves moving towards the $30 level in the coming days. prediction of waves.
The MACD has given a bullish crossover, indicating a strong trade potential. Volume will play an important role in the further momentum of the Waves cryptocurrency network. The RSI indicator is trading in a near-overbought zone on the hourly chart as well, confirming our stance in the waves and confirming a positive trend.
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