As the crypto market begins to recover, several major coins have seen modest gains. However, Waves seems to be outperforming the overall market by huge margins. The coin is experiencing a rapid rally and trend reversal that could generate immense short-term gains. Here are the highlights:
WAVES has jumped around 60% in the last 24 hours
The coin managed to recover two important support areas in this bull run
The momentum will likely push WAVES towards $12 in the coming weeks.
Data Source: TradingView
WAVES Price Analysis and Prediction
In 2022, the broader crypto market experienced major weakness. But despite this, WAVES remained one of the most outstanding artists. The coin, however, had one of its worst sales of the year in May. The gradual decline pushed it towards a floor price of $4.18. It seemed at the time that all the momentum and gains that WAVES had built this year had all disappeared.
But now we are seeing an amazing recovery. In fact, WAVES jumped nearly 120% from its low in May. The coin is now testing the crucial overhead resistance at $9.2.
If indeed WAVES is able to cross this threshold, it will reach $12 in the next few days. This will represent gains of around 50% from the current price. It will also mean that WAVES would have provided almost 3x the gains in just a few weeks.
Can WAVES maintain the uptrend?
This isn’t the first time WAVES has rallied impeccably this year. However, in almost all of these cases, the coin has pulled back sharply from the highs. The key to this bull run will be how long the price will stay above $12.
If there is consolidation for a few days, then a retreat will be less severe. But in the short term, WAVES offers incredible upside potential.