Waves is a multi-purpose blockchain platform with a market cap of nearly $2 billion, with an unlimited supply. The first bull cycle of the WAVES/USDT chart was seen in December 2017, followed by Bitcoin. However, it joined the long-term bear mark before showing another buying cycle at the end of 2020, where the price tested the $42 high. In the Waves coin price prediction, the most recent buying pressure from 8.24 to 30.95 level with more than 275% gain may extend further.
The challenging factor for Waves investment is its competitors that have appeared to provide a similar service. Blockchains, named Gravity and Neutrino, are solid examples of Waves alternatives to the Waves network. However, the presence of Waves as the first established product in the DeFi space provides more credibility to it.
In the Waves channel, people can develop decentralized apps (DeFi) through smart contracts using the proof-of-stake consensus to verify the block transaction. Since its inception, Waves has become a handy tool for users in creating their crypto tokens. The core strength of this channel is that people with no knowledge of programming can create smart contracts. WAVES is the native token for the Waves network, where people can use it as a standard payment method to receive or pay block rewards.
Let’s see the Waves (WAVES) price prediction from the Waves Price Prediction Today.
Waves (WAVES) Formed A Trend-Changing Momentum
In the WAVES/USDT daily chart, it is easily visible that bears have failed to overcome the 8.25 support level and formed a double bottom pattern. Later on, the price increased the buying possibility by forming a bullish daily candle above the dynamic 20 EMA before moving up. In the aggressive buying momentum from the 8.25 swing low, the price began multiple bases at 16.79 and 21.39 which may work as near-term resistance.
The above technical analysis represents buyers' strength in the daily chart where the gap between the price and dynamic 20 EMA was extended. On the other hand, the RSI is stable above the overbought 70 level, pointing out a possibility of a minor bearish correction before opening the current bullish trend.
Based on the daily Waves Forecast, investors should wait for a minor correction where any bullish reversal candlestick from 24.40 to 21.40 area is likely to extend the buying pressure towards the 34.77 resistance level. On the other hand, any deeper correction below the 21.40 level may open another buying opportunity from the 16.79 level, where the break below the 15.00 area might eliminate the buying possibility.
WAVES/USDT Ichimoku Cloud Analysis
According to the Ichimoku cloud analysis, Waves (WAVES) price is trending within a solid bullish trend. In that case, any trend trading opportunity may benefit from the existing bullish trend. The Senkou Span A is above the Senkou Span B and aimed higher, while the Lagging span is above the price in the future cloud.
This technical analysis represents the visual presentation of the bearish correction after the solid bullish swing where the dynamic Kijun Sen is working as minor support. However, the traders' dynamic index reached the bottom, indicating completeness of the bearish correction.
In this context, any bullish price action from 24.20- 21.40 area with an H4 close above the dynamic Kijun Sen may increase the buying pressure towards the 31.00 swing high. On the other hand, a break below the 21.39 level may need a HODLing approach to find another buying opportunity at the 16.79 level.
WAVES/USDT Intraday Price Action Analysis
In the WAVES/USDT intraday price chart, the market trend is bullish where any minor bearish correction from a vital support level has a higher possibility of the swing a buying pressure. In that case, finding the most reliable intraday support level with appropriate price action is essential.
This technical analysis shows a stable buying pressure above the dynamic 20 EMA, where the most recent high volume level remained corrective. Although the MACD Histogram is steadily bearish, the price failed to take over the static 24.77 support level. In that case, any buying pressure from the weekly VWAP with a green H4 candle has a higher possibility of taking the price up above the 30.00 level.
Is Waves (WAVES) A Buy?
According to the Waves long-term price prediction, WAVES/USDT buying pressure is solid where any bullish price action in the H4 chart is likely to extend the buying pressure. On the other hand, the price is backed by the stable bullish trend that may influence bulls to hold the seat belt even if the price moves below the 24.77 intraday support level.