Waves (WAVES/USDT) had been among the top-performing altcoins in 2022 March. The alternative token recorded a 230% upsurge since the month started. Meanwhile, the exponential increase received support from several positive news, including:
- Allbridge partnership
- Launch of Waves labs, a US-based venture.
- The announcement about migrating to Waves 2.0
- The latest bullish move triggers a golden cross by 50 and 200DMA.
- WAVES’ intraday trading volume dropped by 59% to $1.85 million.
WAVES price saw a one-sided plummet from 2021 mid-October to 2022 early February. Such developments saw the alternative token crashing towards the $8 zone.
7 February sessions saw the alt breaching the downtrend comprising resistance trend-line, displaying early reversal signs.
Meanwhile, WAVES rebounded following a 3rd $8 support retest. That saw the alt on a bullish break from the local resistance at $14.5. The post-retest upswing catalyzed a massive surge that drove WAVES higher in its price chart.
The bullish run overcame critical resistance barriers, including $22.5, $33, and the ATH resistance near the $41.85 mark. Meanwhile, buyers propelled WAVES towards a new record high around $60, suggesting a 270% surge since the month began.
Nevertheless, 30 March sessions had a daily candlestick showing a rejection from $60 highs, suggesting that sellers are aggressive at the value area.
The alternative token remains 4% down today (31 March), indicating a potential correction before the upcoming leg-up. The anticipated pullback might secure support at $33.8 or $44.85.
WAVES Technical Indicators
The daily Relative Strength Index spikes towards the overbought level, bolstering a slight correction. The fast-paced price left the crucial DMAs (20-50-100-200) behind.
Nevertheless, the token price won’t remain away from the average for long, and this retracement is necessary to ensure a healthy upsurge.
Though WAVES outperformed most assets with its remarkable surge within the past sessions, the altcoin seems ready for a decline before another upsurge. Moreover, the altcoin might depend on overall market sentiment for its next leg-up.
Analysts remain bullish about WAVES, predicting upsurges after a pause. The crypto project has lucrative platform developments that can support price upswings. Let’s wait for what the au-and-coming sessions will trigger for the alt.