Waves (WAVES) just hit a new YTD high

Written by: Ali Raza
July 21, 2020
  • Waves recently started a new surge that took it back to February high.
  • The project is now trying to breach a resistance at $1.70.
  • If Waves breaches this level, it might keep going up, but with a comfortable new support below it.

Waves (WAVES) has had a rather interesting year, even among cryptocurrencies. Apart from volatility caused by the wider market’s trends, Waves has also seen a lot of volatility on its own, with sharp spikes and equally sharp drops dominating its YTD chart.

The project has not had many moments of stability this year, but fortunately, its newest wave of volatility has taken the project up.

Waves before the March crash

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Waves started this year in a bad shape, with its price crashing down, which is the opposite situation from what most other coins have experienced in early days of January.

The coin kept dropping, starting from $1.07 on January 1st, to $0.85 by January 12th. Fortunately, this support stopped further drops, and for the next three weeks, the coin was relatively calm between this support and a resistance at $0.9.

When the market rally started in early February, WAVES was quick to join in, and it surged quite high up, until it hit a resistance at $0.17 by mid-February.

After that, the coin saw a correction that took it down to a support at $1.2, which was followed by another attempted surge that nearly took it up to $1.5.

That was when the March crash forced the coin down once more, leading it to its new bottom at $0.7.

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WAVES recovery and a new rally

Over the following months, WAVES saw quite a bit of its own volatility, but on a larger scale, the coin’s price was recovering. It kept climbing up to a support-turned-resistance at $1.20, which it reached in June.

The resistance kept it from going further up, but Waves kept testing it, and eventually, its price was rejected, with its drop stopped by a support at $1.15.

Then, around mid-July, WAVES started another new rally — the one that is still ongoing, and which allowed the coin to go back up to the mid-February resistance at $1.70. This is where the coin sits at the time of writing, after a 15% surge in the last 24 hours.

Conclusion

Waves has been quick to join any rally that took place over the past seven months, and right now, it is participating in a surge of its own. As such, it is a great opportunity, although a correction is likely to follow at some point.