- Waves price has bounced back in the past few days.
- It has jumped by 126% from its lowest level in February.
- The upward trend will likely continue rising in the near term.
The Waves price has done well in the past few days as investors focused on its growing ecosystem. The coin has also risen as investors buy the dips as cryptocurrencies bounce back. It is trading at $17, which is about 126% above the lowest level this week.
Ecosystem growth
Waves is a leading blockchain project that seeks to become a better alternative to Ethereum. It is built on a proof-of-stake technology that is usually more efficient than the traditional proof-of-work technology. It was launched in 2016.
In the past few months, the Waves ecosystem has been growing rapidly as more developers have embraced its technology. For one, its technology is more environmentally friendly, faster, and cheaper. The average transaction cost for the network is $0.018. There are 108 million WAVES in circulation of which 72% of them have been staked.
The most important app built in Waves is known as Neutrino. It is a leading DeFi platform that has created an algorithmic stablecoin known as USDN that is backed by the US dollar and the WAVES token.
According to CoinGecko, USDN has a market capitalization of more than $478 million, making it the 156th biggest stablecoin in the world.
In addition to USDN, Neutrino helps developers to build coins that are backed by real assets like other currencies and commodities.
Data compiled by DeFi Llama shows that Waves has a total value locked (TVL) of more than $1.4 billion making it one of the biggest platforms in the world. In addition to Neutrino, other leading DeFi apps in Waves are Exchange, Swop, and Vires Finance.
Waves price prediction
The daily chart shows that the Waves price retreated to a low of $7.54 in February during the cryptocurrency sell-off. This price was the lowest level since February 2021.
Recently, however, WAVES has bounced back and become one of the best performing cryptocurrencies in the world. It has managed to move above the 25-day and 50-day moving averages. It has also moved above the 23.6% Fibonacci retracement level while the Relative Strength Index (RSI) has pointed upwards.
Therefore, the Waves price will likely continue rising in the near term as bulls target the next key resistance level at $20.75, which is along the 38.2% retracement level. On the flip side, a drop below the key support at $15 will invalidate the bullish view.
