Waves, A Surging Crypto In Stormy Days

It’s another stormy day on the market, and the tide is ebbing out again. Speaking of tides, there’s one cryptocurrency that’s still surging: Waves. We’ll be taking a look at this rising crypto from fundamental and technical points of view. Are stormy days ahead for Waves?

Waves Fundamental Overview

The Waves Platform, a smart contract ecosystem launched in Russia, is one of the few coins that was in the green this week, following the recent release of a new mobile app. Smart asset tokens are also in the pipelines, potentially making Waves a strong competitor when it comes to decentralized applications. The digital asset is a proof-of-stake blockchain running on three tokens.

In addition to the regular WAVES token, there is also a Mining Rewards Token, which is given as a reward to miners for running a node on the network, and the Community Token, which is used to rate and assess ICOs. That could make this platform a better starting point for new ICOs, but don’t get too excited yet. In Crypto Briefing’s latest digital asset report, we found a few problems that might make you think twice. While the platform is strong on technology, the marketing side is comparatively weak, potentially causing the token to be undervalued in the market.

Technical Points

Now let’s switch gears and take a look at Waves price action versus the USD and BTC respectively. The WAVES/USD pair tested above the daily Ichimoku cloud on Tuesday as the crypto saw a whopping 47% surge. This was followed by an inevitable pullback on Wednesday as the pair dropped back to the key pivot level at around $1.83. If the pair is able to confirm above the future cloud in the next few days, we could expect further gains towards the 23% Fibonacci level of $3.93. Otherwise, the pair is supported by $0.13 price level.

(Click on image to enlarge)

WAVES Technical Analysis versus USD

Technical Analysis versus the U.S. dollar - WAVES/USD

WAVES/BTC Technical Analysis

Versus Bitcoin, the bullish momentum appears much stronger. The WAVES/BTC pair already confirmed a break above the daily Ichimoku cloud beginning of December.

1 2
View single page >> |

Disclaimer: Don’t forget to complete your risk management due-diligence before developing your investment strategy.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.