During the last 24 hours, the bitcoin market has made a stunning resurgence. Bitcoin (BTC/USD) has surpassed the important resistance level of $40K and is now aiming for $42. The global crypto market capitalization has also increased by 3% to $1.9 trillion.
Individual coins have performed admirably as a result of the overall market recovery. WAVES (WAVES/USD) is one among them, having gained 12.2 percent in the last 24 hours. WAVES was trading at $33.21 at the time of writing, according to CoinGecko.
WAVES make a strong comeback.
WAVES has gained a lot of ground in the last month. The token has risen by 211 percent in this time. Despite the general bitcoin market’s downturn, the gains have been substantial.
If WAVES’ gains continue, the token may reach new monthly highs. WAVES has been breaching new resistance levels each time it has increased in price this month, and this pattern could be replicated again.
The next level of resistance is currently at $35. WAVES could break through this resistance level shortly, and the token could be on its way to the next target price of $40, based on the consistent price growth and present market support.
WAVES is currently at an all-time high of $43, which might be broken if the uptrend continues. To break past a new all-time high, WAVES has to gain 23.4 percent at present pricing.
A downturn in the WAVES is possible.
A downturn in the WAVES is still probable. Despite the lack of market support, if the coin’s price drops, it will be correcting from its recent highs. In this example, the token will test the $31 level of instant support.
$30 is also a crucial level of support for WAVES. The coin has often tested this support level during its monthly price trend. If it fails to hold at this price, drops towards $25 are likely, and the token might be on a huge slump if buyer support fails due to rising selling pressure.