As the crypto market began to rally, several major coins have reported modest gains. However, Waves seems to be outperforming the entire market by a huge margin. The coin is recovering rapidly and there is a trend reversal which could provide huge gains in the near term. Here are the highlights:
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Waves have increased by almost 60% in the last 24 hours
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The coin has managed to reclaim two important support areas in this bull run.
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This momentum could propel WAVES towards $12 in the coming weeks.
Data Source: TradingView
Waves Price Analysis & Prediction
In 2022, the broader crypto market has seen major weakness. But despite this, WAVES remains one of the standout performers. However, the coin saw its worst sell-off of the year in May. A decline in the move pushed it towards a lower price of $4.18. At the time, it looked like all that momentum and profit that WAVES had made this year was gone.
But now we are seeing amazing improvements. In fact, WAVES has risen nearly 120 percent from its lowest price in May. The coin is now testing the crucial overhead resistance of $9.2.
If indeed WAVES is able to surpass it, it will rise to $12 in the coming days. This would represent a gain of about 50% from the current price. It would also mean that WAVES would have delivered almost 3x profit in barely weeks.
Can Waves continue the uptrend?
This is not the first time that WAVES has done well this year. However, in almost all these cases, the coin has retreated sharply from the highs. The key to this bull run will be to see how long the price will stay above $12.
If there is consolidation for a few days, the retreat will be less severe. But in the short term, WAVES offers incredible upside potential.