The Waves price bullish momentum accelerated on Wednesday as demand for the token continued rising. WAVES rose to $30.62, which was the highest level since May 17. This price was up by more than 150% from its lowest level since July this year. As a result, its total market capitalization has jumped to more than $3.27 billion, making it the 45th biggest cryptocurrency project in the world.
Waves momentum continues
Waves is a fast-growing blockchain project that enables developers to build decentralized apps and autonomous organizations. The network encompasses several concepts in blockchain like smart contracts, oracles, leased proof of stake (LPoS), and interchain connectivity. Its smart contracts technology is known as Ride. It allows developers to apply scripts to assets on the Wave ecosystem.
Developed in 2018, Waves has multiple use cases. Its smart contracts technology allows developers to build DeFi projects. Its technology can also be used to decentralize voting, manage cross-border payments, and manage online rights. Some of the companies that have used this technology are Alfa Bank, Rosetti, and Roscosmos.
The Waves price has jumped recently because of the ongoing user adoption of its network. Additionally, it has risen as the ongoing Ethereum-killers season continue. In this season, we have seen many blockchain companies that provide an alternative to Ethereum rally. Some of those that have jumped are Algorand, Avalanche, Polkadot, and Solana.
Therefore, this season has led to the fear of missing out (FOMO). This is a situation where investors and retail investors buy an asset hoping that its price will keep rising. For example, when developers launched Shiba Inu, its price surged as investors searched for the next Dogecoin killer. The same can be said about Internet Computer, the relatively known cryptocurrency whose market cap surged to more than $15 billion in May.
Waves price prediction
The daily chart shows that the Waves price found a strong support at $11.4830 between May and July. In the final week of July, the coin jumped and moved above $18.97, which was the highest level on June 17.
Since then, the coin has moved above the 25-day and 50-day moving averages while momentum oscillators like the Relative Strength Index (RSI) and MACD have been in a strong upward trend.
Therefore, the Waves price bullish momentum will likely continue as bulls target its all-time high of $41.80, which is about 40% above the current level.
