Waves Price Up By 10% – Time To Buy WAVES?
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Decentralized exchanges (DEXs) have grown in popularity in the last few months. Users are majorly drawn to DEX platforms due to their lack of regulation by any central authority. Waves Exchange is a fast-rising DEX platform with a less popular native token. However, due to its meteoric rise, several investors now want to buy WAVES token.
Created in 2016 to improve on the early blockchain platforms, Waves has realigned its objective in the last five years. Now, it is aiming to create a burgeoning “cryptocurrency environment” and is the only DEX platform that runs on its own blockchain.
In the last 24 hours WAVES has surged 10%. However, this is not enough reason to hop in and buy WAVES. This article explores the WAVES performance year-to-date and what to consider before investing.
Waves Exchange: More Than A Regular DEX
The first thing you should know is that the Waves exchange was originally built to improve on existing crypto platforms like Bitcoin and Ethereum. Project founder Alexander Ivanov (also called Sasha Ivanov) sought to address the challenges of speed, utility, and enable user-friendliness.
However, Waves has grown with the wider crypto market and is also popular for crowdfunding through initial coin offerings (ICOs).
Compared to other DEX platforms like Uniswap, Waves exchange supports a wide array of cryptocurrencies and is planning to add almost all the available digital tokens to its blockchain.
Another notable attribute of Waves is that it supports fiat-crypto trading pairs which is highly unusual in the decentralized finance (DeFi) space. Users can trade crypto assets against a select number of fiat comprising USD, EUR, and TRY. However, the fiat currencies are also depicted as digital tokens on the Waves network.
The DEX supports deposits through traditional bank transfers and credit cards which is a first for the emerging DEX space.
Waves also have other crypto projects in the works. Chief among them is Gravity, a cross-chain and oracle network and DeFi focused platform Neutrino. Its native utility token WAVES was launched in 2020 and has seen remarkable growth ever since.
67% of all retail investor accounts lose money when trading CFDs with this provider.
WAVES Price: Ending June With A Bang
WAVES has a present market cap of $1.7 billion and is currently 49th on the global crypto charts. However, WAVES is set for growth as its 24-hour trading volume has risen 120.79%.
This growth streak is also apparent in its price action as the digital token has rallied. At press time, WAVES currently trades at $16.55 increasing 10.13% in the last 24 hours. This positive price action has attracted crypto investors who want to buy WAVES.
Notwithstanding the positives, WAVES has also slumped with the broader crypto market in the last six months. Prior to the massive selloff in May, WAVES traded at $35.16 on May 4 before slumping to $13.2 on May 30. It has struggled ever since to regain its previous all-time high (ATH) and surged to $16.97 on June 16. With the significant increase it is posting today, WAVES token may likely end this month with a new support level at $20.
WAVES Technical And Fundamental Analysis
The crypto market has been volatile in the last few weeks but things seem to be looking up for the emerging industry.
Bitcoin has been a major contributor to the change of fortunes and WAVES has also seen its price action surge as the large-cap has rallied.
On the trading chart, the WAVES price is bullish on the 20-day moving average (MA) support with the digital token trading above the indicator at $15.0382. Its relative strength index (RSI) also confirms this bull run with the indicator standing at 53.98 and climbing steadily. This shows that more investors want to buy WAVES.
However, three days earlier its RSI was at 45.96 which shows more investors are jumping on the WAVES token due to its positive price action. Analysts are also bullish on the DEX token. According to Digitalcoin, WAVES may trade north of $25 by the end of the year and triple its value in the next seven years.
Waves exchange is also joining the non-fungible token (NFT) mania through its Waves Ducks offering. The DEX platform would launch an NFT gaming platform to integrate trading and DeFi yield farming mechanics.
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