Waves Undergo Pump and Dump After Growth Over the Years!

2022 has been a crazy year for Waves blockchain and its cryptocurrency; when a majority of cryptocurrencies were under strong selling pressure since hitting their peaks in November of 2021, Waves maintained consistent growth and went almost double their November peak in March of 2022. The outlook at that point seemed unbeatable, but the fact that its developer and founder, Sasha Ivanov, is a Ukrainian-born American Scientist may have affected the downfall of this cryptocurrency.

Waves were ideated in 2016, with an ICO starting the same year. The token’s launch began at a $1 value, and after the profit bookings in December of 2017, it kept its value near its ICO launch price. The token kept a low profile until August 2020, when a major breakout was witnessed, bringing this token to light. Just as Decentralized applications were getting support and traction, Waves blockchain exploded in its growth trajectory and headed towards $30 by the peaks of the 2021 bull run. 

Once again, the negative clouds have started to affect Waves in 2022; this time, the situation is just as bad. The downfall has trapped buyers at the peak of $63 in a huge loss situation as the current value is $5.14. The market capitalization of Waves is $561,488,510, with an entire plethora of its token supply in market circulation. Waves have a maximum circulating supply of 100 million tokens, with the hidden proposal of reducing block rewards by 0.5 Waves from its originally mentioned 6 Waves after solving every 110000 blocks.

The negative clouds that hit Waves in April and May have pushed the token values under the bus. Compared to recent lows, Waves is trading at a low premium, which highlights hesitation on the part of buyers to buy this token even at such a huge discount. The outlook of the Waves has become worse. Should you sell your Waves holdings? Read our Waves prediction to know.

WAVES Price chart

After hitting the lows of $4, Waves made its first attempt in June, creating a huge gain in just a week. Unlike previous times, buying sentiment dissipated much sooner, and profit booking grasped Waves pushing the value back to $4 in the next 3 weeks. Since mid-June, it has been two months, and Waves are still lacking the sentiment to retrace back to their moving average, which has already dropped by a huge margin.

RSI shows buying sentiment to trade near an oversold level, while MACD is unable to indicate a clear outlook because of the consolidative price action. The 100 EMA curve at present lies significantly above the latest value of $5.14, and a breach of $4 on its charts can further create a turbulent scenario for future potential and outlook.

The story on weekly charts shows Waves value breaching its positive trend line during December 2021. Despite being followed by a huge breakout in March 2022, the token reacted as if this price gain was a pump before a major dump.

Since a Proof of Stake variant secures the network, amend Waves with an open source protocol, which has hindered the development projects. The lack of developments and inclusion of new ideas on this open source protocol and the use of voting and staking rewards has created a turbulent environment, from which high return expecting buyers should maintain a distance.

Source: https://www.cryptonewsz.com/waves-undergo-pump-and-dump-after-growth-over-the-years/