WAVES rallies 211% in one month, aims at new ATH

The cryptocurrency market has made a remarkable recovery during the past 24 hours. During this time, Bitcoin (BTC/USD) has gained past the critical resistance of $40K, and it is now eyeing $42. The global crypto market cap has also gained 3% to $1.9 trillion.

Following this broader market recovery, individual coins have been doing quite well. One of these is WAVES (WAVES/USD), which has rallied by 12.2% during the past 24 hours. At the time of writing, WAVES was trading at $33.21, according to CoinGecko.

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WAVES makes a significant rally 

WAVES has made a significant gain during the past month. Within this time, the token has rallied by 211%. Despite the recession in the broader cryptocurrency market, the gains have been significant.

If the gains with WAVES continue, the token could go to new monthly highs. Looking at WAVES’ price gain for this month, the token has been breaking new resistance levels each time, and this setting could be repeated once again.

The next resistance level currently lies at $35. Going by the steady price gain and the current market support, WAVES could break this resistance level soon, and the token could be off towards the next target price at $40.

WAVES’ all-time high currently stands at $43, which could also be broken if the uptrend continues. At the current prices, WAVES needs to make a 23.4% gain to stand a chance of breaching past a new all-time high

WAVES downtrend is possible

WAVES downtrend is still possible. If the coin makes a price dip, it will be correcting from the highs it has been making despite the lack of market support. In this case, the token will test the immediate support level of $31.

$30 is also a critical support level for WAVES. During its monthly price trend, the coin has tested this support level severally. If it fails to hold at this price, dips towards $25 will also be registered, after which the token could be on a massive downtrend if the buyer support fails due to increased selling pressure.