Waves is leading the gainers on May 30, as the coin market ended 9 weeks of Bitcoin losses. WAVES has gained 65% in the past 24 hours. The coin is currently trading at $7.12 according to Coinmarketcap data.
On Binance, the coin is trading at $7.16. Even this is a modest price compared to the value of WAVES 8 weeks ago (March 28), when the cryptocurrency reached its all-time-high of $46.82, before plunging down to a low of $4.13 on May 23, losing 91.2% of its value in 26 days.
WAVES, which is not new to rapid price changes seems to have recovered its rhythm with the recent price movement. It is instructive to note that the new support at $4.13 was last formed on Nov. 9, 2020. That was 18 months ago.
Data from Coinmarketcap shows that the market capitalization of WAVES is $761 million. This is also up by 62.3%. Its trading volume of $1.68 billion is a massive increase of 908% over the past 24 hours. This is an indication that there are many investors that believe in this cryptocurrency.
Based on rumors of market manipulation, some analysts such as Yuriy Bishko, believe that the massive pump in the price of WAVES is the activity of whales. According to him,
“The price needs to stay a little bit in consolidation to let the whales buy more coins and later sell it out to retail traders on hype.
- $5.75-7.35 – first value area and huge resistance for the price. I think the price will consolidate below this area until BTC will not make +25-30% and buyer return to the crypto market.
Slowing Near-Term Momentum
He concluded that it is best to keep an eye on the trend that Bitcoin forms in the coming hours, since it is an indication of the strength of the consolidation of WAVES. The Relative Strength Index (RSI) is 80. This is clearly in the overbought region, so it is likely that the momentum will slow down in the near term.