Waves Price Has Choked. Time to Buy the Dip?
The Waves price has erased most of the gains it made on Wednesday. WAVES, the network’s price, is trading at $9.50, which is lower than this week’s high of $12. According to CoinGecko, Waves has a total market capitalization of over $963 million, making it the 97th biggest cryptocurrency in the world.
Waves crypto latest news
Waves is a relatively small Ethereum-killer that enables developers to build decentralized applications (DAPPs) of all areas. According to its website, apps built in its network have a total value locked (TVL) of $939 million. These apps process over 85k transactions per day.
The biggest project built using Waves technology are Neutrino, which has a TVL of more than $494 million. Neutrino is an algorithmic protocol that enables people to build stablecoins pegged to real assets.
The second-biggest app in the Waves ecosystem is Exchange, which is a DEX with over $150 million in TVL. other leading projects in Waves are Swop Finance, Vires Finance, and Waves Duck.
Still, Waves faces a number of challenges going ahead. First, the industry is getting more competitive, with platforms like Terra, Fantom, Binance Smart Chain, and even Cardano are gaining market share. Therefore, as a smaller platform, it has a lot to prove.
Second, the Waves price faces the challenge of high-interest rates. Like all cryptocurrencies, it will likely struggle to attract demand considering that the Fed has committed to implementing several interest rate hikes this year.
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Waves price prediction
The daily chart shows that the Waves price has been in a bearish trend in the past few months. The coin’s price has dropped by over 73% from its highest level in November last year. Along the way, WAVES has formed a descending channel that is shown in green. It has also moved below the 25-day and 50-day moving averages, signaling that there are still more sellers in the market.
Therefore, despite the recent jump, there is a likelihood that the Waves price will resume the bearish trend in the near term as bears target the weekend low at $7.66. This view will be invalidated if the coin moves above $12.
