Though the crypto market did not experience a bull run since the start of the year 2022, somehow managed to maintain keep up its level. Bitcoin almost hit $48K in mid-March and had further corrections while currently trading at the $43K level. Some altcoins were performing well whereas some displayed the bear run.
WAVES is a blockchain system that allows developers to create decentralized applications (DApps) and smart contracts. Individuals can also develop their own unique tokens that users can trade on DEX’s decentralized exchange. WAVES have dropped over 50% within a week which depicts a severe selloff. The token has lost almost half of its price now, while technical and fundamental factors are weakening.
Advances Another 30% Downtrend
Currently, WAVES is trading at $28.43 which is 2.67% down in a day, and faces a 45% loss in the last 7-days. Significantly, the tokens have dropped from $64 on March 31 to $28.43 on April 7 which symbolizes a 55% dip. Moreover, WAVES has crossed below the support level which indicates a further correction in the upcoming days.
Consequently, the temporary support lies at $25 which represents the price floor between October 2021 and March 2022 due to historical-significance. Conversely, a break below the $25 support level will push the price down to $20. This implies a 30% decline from the current price level, signifying a further 30% fall from the existing 50% drop.
Jolyon Horsfall, co-CEO of NFT prediction platform SparkWorld has issued a warning:
“For the time being, the dumping is projected to continue, and the WAVES price could drop to its 30-day low of $21.”
In addition, according to Jolyon Horsfall, if WAVES needs to be reborn and the project re-aligned on its ambitious course, then the platform founder, Sasha Ivanov should take the initiative.
