In a sea of red, the overall cryptocurrency market cap takes yet another tumble towards double-digits. Despite that, one project continues its parabolic trajectory towards new highs. Waves (WAVES) touts itself as the fastest blockchain platform with real-world solutions for storing or exchanging tokens, trading (DEX) or running smart contracts.
Seemingly unphased by bearish market sentiment, as of press time it marches on to become the top gainer or coinmarketcap with a daily gain of 15% in USD value at $2.50. The question, of course, is how high can it go?
A Host of Stunning New Features
The recent price increase has not been unwarranted. It comes after a flurry of new developments such as the deployment of smart assets and smart account trading on the Waves Mainnet. It was first triggered by the announcement of a long long-awaited mobile app update. An update that allows users a more secure way to store tokens, trade assets on DEX, and even lease their own WAVES tokens right on their smartphones.
We are excited to announce a long-awaited update of the #Waves Mobile app! Deposit, store and withdraw your #crypto securely, trade your assets on DEX, lease your $WAVES — everything is now available right on your smartphone! Read more about it here: https://t.co/5Qp7YKTa8r pic.twitter.com/y5hsCXj2GV
— Waves Platform (@wavesplatform) December 3, 2018
WAVES Price Analysis Overview
WAVES/USD started the month of December with a bang gaining +94.89% in two weeks despite falling bitcoin prices.
The price managed to find major support at just below a dollar at $0.92. The current price of $2.50 is acting a slight psychological resistance that should crumble on its way to the 0.236 Fibonacci extension which currently sits $2.70. A further break above would a signal a further push to $3.64 area which would coincide with 1.618 extension and previous upper support cluster turning into resistance.
Some warning sign to look out for would be the overbought RSI levels which currently sit at 75.91 (4 hr chart) and the daily chart is coming close at 69.47, and the current uncertainty behind bitcoin’s price trajectory. Right now, with bitcoin price nearing its weekly lows, we could be near yet another breakdown for BTC/USD or a double bottom situation which could rally the prices higher (including WAVES).
While overall fundamentals remain bullish the next leg of WAVES will be determined by the BTC/USD price action. In short – medium to short-term stable bitcoin prices should land continued upside for WAVES.