The Waves crypto extended a rally towards the north on Saturday and currently trades near February’s high. The price trades in positive territory and is headed to test the recent hurdle of the $2.5 level.
Moreover, the price reversed its course and turned positive after bouncing off from the 200 day EMA. The buyers reestablished their presence at the lower level, which helped the WAVES crypto break out of a short term correction phase.
Earlier, the crypto topped out in January and entered a short term correction phase after the breakdown of 20-day and 50 Day EMAs. The sellers maintained their dominance till the first week of February and the price corrected nearly 32%.
Currently, the buyers are driving the price trend and are recovering the previous losses. The price is gaining momentum indicating the increasing participation of the buyers as the price is rising.
The most recent hurdle on the higher side is $2.5 level which might be the last defending zone for the sellers before the formation of a new high. If the buyers are able to surpass the $2.5 level with volume, it may unlock higher price potential of 20 to 25%.
On the higher side, the short term traders and investors may target higher supply level and previous high at $3 level if the price surpasses the recent supply level of 2.5 level.
Waves Crypto Long Term Trend Analysis
Moreover, the long term outlook shows a continuation of a bullish trend after a short term correction. The WAVES price has been maintaining a positive outlook since October 2023. The price has risen from $1.5 in October to a high of $3 in January and thus gaining nearly 100%.
The recent price surge has indicated the termination of a correction phase and continuation of a new bullish wave.
Waves Crypto Indicator Analysis
From a Technical perspective, Waves price has surpassed the 20-day and 50 Day EMA suggesting a positive sentiment in the short term. Moreover, the price trades comfortably above the 200-day EMA suggesting a bullish outlook in the long term.
At the time of writing, the MACD line and signal line both are placed above the zero line suggesting a positive sentiment dominating.
Waves Price Prediction February 2024
The short term price forecast of our analyst assumes an upside potential of nearly 20 to 30% which may take the price near the round level of $3 level. While, the bearish outlook of our analysts assumes the price to break below the 50-day EMA.
Waves Crypto Price Prediction 2024
The price forecast for the year 2024 is that the WAVES token price could reach a high of $3.98, suggesting a potential gain of over 64.9% if the most positive conditions prevail. Moreover, the negative outlook of the analysts is that the price could reach $3.27.
Waves Price Prediction 2025
By 2025, the Waves price may attain $6.08 on the higher side. On the flip side, the minimum price up to which the crypto price may rise by the year 2025 is $4.39.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/02/24/waves-crypto-eyes-3-level-as-bulls-keep-showing-up-on-saturday/