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Waves (WAVES) Price Hits Bottom at $8.5, Sees Mild Recovery

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Waves (WAVES) is an old cryptocurrency, dating all the way back to 2016. Over the years, however, the coin’s price has shown little volatility. In fact, outside of 2017, when it rallied alongside the rest of the market, and in 2018, when it crashed back down, it barely moved.

Waves Analysis 1

The situation started to change in the second half of 2020, however, when it started skyrocketing alongside Bitcoin. In fact, Waves is one of the rare few coins that rallied at the same time as BTC, rather than with the rest of the altcoin market, a month or two after the start of 2021.

The coin’s growth started in mid-March of 2020. Back then, the COVID-19 pandemic caused the global economic meltdown, which even included cryptocurrency, due to its correlation with the stock market. But, cryptocurrencies bounced back up after about a week of dropping, and for Waves, that return became a rally that took it from $0.8 on March 14th, 2020, all the way to its ATH at $35.9 over a year later, on May 5th, 2021.

After reaching this milestone, however, the price naturally corrected to $32, which was not too bad. But, only days after that, the mid-May price crash forced it to crash by 50%, all the way down to $16. However, this was not the end of it, as Waves kept going further down after this initial crash, eventually dropping to $12 on July 20th.

Waves Analysis 2

Interestingly enough, this was the same day when the bear market finally let go, and crypto prices shot back up. Waves was among the surging coins too, skyrocketing from $12 on July 20th to $32 on September 12th. The coin’s price was rejected after reaching this level, unfortunately, and it dropped back to $22, but it managed to climb to $32 once again on October 14th.

From that point forward, WAVES has been spiraling down, with only a few small recoveries here and there. However, its overall trend has been bearish from mid-October to this day.

As it kept dropping, the coin hit a number of supports that attempted to soften its drop along the way. The one at $28 was the first one, followed by the one at $26.5, $25.5, and $21.5. The coin did stop briefly after dropping to $20 on November 26th, even briefly rallying to $22.7 before resuming its drop, which next saw it crash to $14.5 in mid-December.

After this, the coin briefly surged in expectation of the holiday season, reaching $18.68 on December 16th. But, once the actual holiday season started, the entire crypto sector saw another crash, and so WAVES too continued moving down alongside other coins. The coin ended the year with its price back at $14.5.

As 2022 started, most people expected the prices to surge, and for the first five days of the year — these expectations were actually met, with a relatively weak recovery. WAVES itself climbed back to $16, but only for a day, and by January 6th, the coin crashed down to a support at $14. On the very next day, it dropped to a support at $13, with $14 now acting as a resistance. This lasted between January 6th and 12th, and after that, the coin briefly climbed back above $14.

Waves Analysis 3

Once again turned into a support, $14 kept the coin from going back down between January 12th and $17th, while a resistance at $15 prevented it from surging up. But, after January 17th, the support level at $14 broke once again, and by January 24th, WAVES price crashed to $8. Since then, it saw a brief recovery to $11.43, only for it to crash back down to its current strongest support at $9.5, with its price at the time of writing sitting at $9.66.

To learn more about this token visit our Investing in Waves guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.