Waves price analysis: is now a good time to buy this cryptocurrency?

The cryptocurrency market is advancing this trading week; Bitcoin advanced again above the $34000 level, and this situation also supports Waves WAVES/USD. Waves has advanced from $11.67 above $16 since 21st July, and the current price stands around $15.5.

Fundamental analysis: Waves enables users to issue tokens without any programming experience

Waves is an all-encompassing gateway blockchain platform that represents a testing ground for innovation and enables you to create computer applications that run on a decentralized computing system. Waves was created in 2016 and has maintained its position in the top hundred most popular cryptocurrencies.

Waves has a developer-friendly infrastructure, and to interact with this platform, you should use WAVES tokens. Waves has low transaction fees that starts from 0.001 WAVES for regular transactions or 0.005 WAVES for transactions that invoke a script.

Waves allows you to trade any pair of tokens without conducting a transaction through an intermediate currency and it is important to say that Waves platform has 103 million tokens available in total supply. To launch a smart token on Waves you don’t need to have programming experience, and it is as simple as a few button clicks.

Waves is a truly unique project with big potential; the popularity of this project is rising across the globe, while more and more exchanges are offering this cryptocurrency. Waves could advance again at levels that we saw in May 2021, but this will certainly not happen in the upcoming weeks or even months.

The cryptocurrency market is advancing last several days, but traders should consider that the risk of another decline is still not over, and they should wait for Bitcoin to approach a stronger resistance level before placing any long trades.

“Potential investors looking to buy the dip should understand that fluctuations are par for the course, and be prepared for this kind of volatility going forward.  Even if you invest now, with prices relatively low, be prepared for them to fall even more,” said Humphrey Yang, the personal finance expert from Humphrey Talks.

Technical analysis: $12 represents a strong support level

The cryptocurrency market is advancing this week; still, the risk of another decline is not over, and it may take a long time for prices to see any bigger recovery. Waves has advanced from $11.67 above $16 since 21st July, but if the price of Bitcoin falls again below the $30000 support, that will negatively influence Waves.

Data source: tradingview.com

The current support level is $12; $18 and $20 represent the important resistance levels. If the price falls below $12, it would be a firm “sell” signal, and we have the open way to $10 or even below.

On the other side, if the price jumps above $18, the next price target could be around $20.

Summary

The cryptocurrency market is advancing this trading week; Bitcoin advanced again above the $34000 level, and this situation also supports Waves. Despite this, the risk of another decline is not over, and if the price falls below $12 support, it would be a firm “sell” signal, and we have the open way to $10.

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