- Waves recently managed to break a strong resistance at $1, which has been standing in its way for weeks.
- The project saw a strong performance in 2020, although it experienced quite a bit of volatility along the way.
- The last few weeks saw its price become more stable, as it struggled to go beyond $1.
Waves (WAVES) is one example of a crypto project that performed excellently in 2020, despite the global market crash, that finally caught up to the crypto industry this March. However, with all the attention on major cryptos, especially Bitcoin due to its third halving, many have ignored lower-ranking coins such as this one.
What is Waves all about?
As many may know, Waves is a platform with a mission of creating an ecosystem that would speed up the transfer towards decentralized systems. It has a special emphasis on individual control, especially when it comes to their assets and funds, data, privacy, and alike,
The platform likes to describe itself as an open network for Web 3.0 apps, as well as other custom decentralized solutions. It features a wide range of purpose-designed tools, which would make the development and running of dApps not only accessible, but also very easy.
Waves’ 2020 performance
Waves has seen an excellent performance this year, as mentioned, even though it started the year with a significant price drop.
Back in early January, Waves sank all the way down to $0.821, but this did not last for long. After hitting this level by January 10th, it quickly started growing again, although it hit a resistance at $0.9.
After spending the rest of January trying to breach it, the project finally did it on February 1st, thus starting a rally that eventually took it to its yearly high at $1.65.
However, this was only possible due to a strong momentum, which WAVES lost after hitting this price, and it quickly dropped back after a resistance at $1.50 rejected its price. The drop was stopped by a support at $1.20, after which Waves surged up again, once more hitting $1.50. This time, however, it did not manage to breach the resistance, and the price got rejected again.
Just as the project started its third attempt to breach $1.50 level, March 12th arrived, causing Waves to drop and hit a new yearly low at $0.69. Fortunately, it quickly bounced back up, but was once again stopped by a resistance at $0.9.
This level was breached a bit easier this time around, and Waves turned it into a strong support by early April. Ever since then, it was making attempts to breach the next resistance at $1, although with little luck. While it did go beyond it several times, its price would always get rejected, and the project saw strong oscillations, until now, when it seems to have finally gone beyond it permanently. It is still too early to say whether Waves managed to turn this level into a support, but it currently sits at $1.07, with 1.27% growth in the last 24 hours.