Waves Crypto Surges, Bullish Momentum Sets Stage for Further Gains

Waves crypto has exhibited bullish momentum, showing strength with 19 positive days out of the last 30. Its high liquidity, supported by a significant market cap, provides a solid base for further growth. Technical analysis suggests potential price advances, backed by the golden cross of EMAs and the RSI's strength. The crypto is poised to challenge the $6.0 resistance level, indicating a possible surge in value.

Waves Crypto Soars in Bullish Momentum, Poised for Further Advance

The Waves crypto asset has emerged as a compelling investment opportunity, showcasing resilience with 19 consecutive green days in the past month. Its robust liquidity, propelled by a substantial market cap, further augments its appeal.

Waves, a brainchild of entrepreneur Sasha Ivanov, has established itself as a prominent blockchain protocol and development platform for Web 3.0 applications. Since its inception in 2016, Waves has empowered developers and businesses to harness blockchain technology for secure, auditable, and efficient transactions.

Technical Analysis Unveils Bullish Outlook

Technical analysis of the Waves crypto reveals a strong uptrend, with the asset price consistently surpassing critical resistance levels. The price action sustains above these breakouts, demonstrating the underlying strength that propels further gains.

The golden cross formation among the 20, 50, and 200-day Exponential Moving Averages (EMAs) provides further credence to the bullish sentiment. As the Waves price rises, the EMAs advance in tandem, underscoring the robust upward trajectory.

The Moving Average Convergence Divergence (MACD) line and signal line, while in a bearish crossover, remain above the zero level. This divergence suggests a sustained bullish bias in the overall price trend.

The Relative Strength Index (RSI), an indicator that measures price momentum, has retreated from its overbought territory but remains above the 50 level. This reading indicates ongoing strength in the Waves price.

Volume and Sentiment Support Bullish Thesis

The derivatives trading volume for Waves has experienced a 45.5% decline over the past 24 hours, while the corresponding spot trading volume has witnessed a further 34% decrease. Despite these fluctuations, the token's market cap has remained relatively stable, and a marginal increase of 0.08% has pushed it to $435.685 million, placing it at #189 in the market cap rankings.

The total value of traded volume for the past 24 hours stands at $38.991 million, with derivatives trades accounting for $30.18 million. Notably, the open interest in Waves has declined by 4.7% to $41.9 million.

The long/short ratio for Waves is currently at 0.972, indicating a slight dominance of sellers in the previous 24 hours. However, the $45.64K worth of long liquidations compared to the $521.19 worth of short liquidations highlights a more aggressive stance by sellers in recent times.

Liquidity and Market Cap Bolster Confidence

Waves crypto enjoys high liquidity, as evidenced by its substantial market cap. This liquidity enhances the ease of entering and exiting positions, making it an attractive proposition for investors.

Volatility and Market Dominance

According to Coincodex, Waves crypto exhibits high volatility, with a value of 11.33%. However, its market cap dominance remains relatively low at just 0.02%.

The fear and greed index for Waves indicates a sentiment of greed, reflecting the optimistic outlook among market participants.

Token Supply Dynamics

There are currently 2.1K holders of WAVES tokens. The onchain market cap is $3.371 million, while the circulating supply market cap is $381.85 million. The circulating supply of Waves stands at 114.207 million WAVES, which is equivalent to the total supply. With a maximum supply of infinity, the token experiences medium supply inflation of 2.91%.

Development Activity and Social Dominance

Recent days have witnessed negligible changes in the development activity for Waves crypto, suggesting a lack of significant community involvement in projects aimed at enhancing its popularity. This has contributed to a decline in its social dominance.

Conclusion

Waves crypto exhibits compelling bullish momentum, maintaining breakouts and demonstrating a strong uptrend. Its liquidity and high market cap underscore its stability. Technical analysis suggests further price appreciation, supported by the golden cross formation of EMAs and RSI strength. A surge toward the $6.0 resistance level is anticipated, bolstered by bullish indicators.

Investors should note that this article is solely for informational purposes and does not constitute financial advice. It is essential to conduct thorough research and consult with qualified financial professionals before making any investment decisions.

Technical Levels:

• Support levels: $1.3600 and $2.00
• Resistance levels: $6.700 and $11.700