It’s another stormy day on the market, and the tide is ebbing out again. Speaking of tides, there’s one cryptocurrency that’s still surging: Waves. We’ll be taking a look at this rising crypto from fundamental and technical points of view. Are stormy days ahead for Waves?
Waves Fundamental Overview
The Waves Platform, a smart contract ecosystem launched in Russia, is one of the few coins that was in the green this week, following the recent release of a new mobile app. Smart asset tokens are also in the pipelines, potentially making Waves a strong competitor when it comes to decentralized applications. The digital asset is a proof-of-stake blockchain running on three tokens.
In addition to the regular WAVES token, there is also a Mining Rewards Token, which is given as a reward to miners for running a node on the network, and the Community Token, which is used to rate and assess ICOs. That could make this platform a better starting point for new ICOs, but don’t get too excited yet. In Crypto Briefing’s latest digital asset report, we found a few problems that might make you think twice. While the platform is strong on technology, the marketing side is comparatively weak, potentially causing the token to be undervalued in the market.
Now let’s switch gears and take a look at Waves price action versus the USD and BTC respectively. The WAVES/USD pair tested above the daily Ichimoku cloud on Tuesday as the crypto saw a whopping 47% surge. This was followed by an inevitable pullback on Wednesday as the pair dropped back to the key pivot level at around $1.83. If the pair is able to confirm above the future cloud in the next few days, we could expect further gains towards the 23% Fibonacci level of $3.93. Otherwise, the pair is supported by $0.13 price level.
Technical Analysis versus the U.S. dollar - WAVES/USD
WAVES/BTC Technical Points
On top of that, it completed a double bottom bullish reversal chart pattern on Wednesday, reaching as high as at 50% Fibonacci retracement level. Now the question is whether the bullish momentum here is exhausted, or Wednesday’s drops were just a temporary pullback in a longer-term uptrend.
Now I’d like to hear from you. Do you think the current lows are a buying opportunity for the cryptocurrency? Or you think the tide is over? Let me know in the comments.
*This article was originally published here
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