- Waves crypto price popped after South Korean exchanges re-listed the coin.
- The network inked an oracle partnership with Pyth Network.
- The developers have made a proposal to increase the XTN in treasury.
Waves price has jumped in the past three days as investors focus on two important catalysts. The token jumped to a high of $2.12, the highest level since April 19 of this year. According to TradingView, it has jumped by more than 33% from the lowest point in May, meaning it has outperformed the likes of Ethereum and Bitcoin.
Why is Waves soaring?
Waves is a blockchain project that is best known for Neutrino, a stablecoin that de-pegged last year. Like other similar stablecoins, Neutrino has never regained its peg and is now trading at $0.0388.
The first main reason why Waves is rising is that a crypto group in South Korea lifted an investment warning on the coin. The Digital Asset Exchange Association (DAXA) had placed a warning about Waves and Kava, saying that their stablecoins were not normally linked to $1. In a statement, DAXA said that:
“The reason for the flagging of investment warning on WAVES has been resolved in accordance with the risk indicators for stablecoins and related assets announced by DAXA today.”
As a result, the current rally is likely because many South Korean exchanges have started offering Waves to their customers. Data compiled by CoinMarketCap shows that Binance has the most Waves volume followed by Bithumb and KuCoin.
The other important reason why Waves is rising is a new governance proposal in the ecosystem. The new proposal, which is now going through voting calls for increasing the value of XTN in treasury by leveraging a simple arbitrage strategy using. The proposal calls for using 1 million XTN to implement the strategy.
The third reason why Waves is rising is that the developers partnered with Pyth Network, a leading competitor to Chainlink. Pyth will provide real-time pricing of it new oracles. In most periods, cryptocurrencies tend to jump after a major announcement.
Waves price prediction
The daily chart reveals that the Waves price has been in a slow bullish trend in the past few days. This rally has accelerated in the past two days, which has seen it rise to the highest point in April. Its bullish volume has continued rising while the coin has jumped above the key resistance point at $1.80, the lowest point on March 10.
Waves seems to be forming a shooting star pattern, which is characterized by a small body and a long upper wick. Therefore, there is a likelihood that the coin will retreat as sellers target the key support at $1.80.
