Waves price has had a remarkable journey recently. The digital currency is trading at $34.18, which is 206% above the lowest level on April 23. It has rallied by more than 435% this year, bringing the combined market cap to more than $3.5 billion.
What is Waves? Waves is a blockchain project that enables developers to create quality apps. It uses the smart contract technology that is similar to the one used in Ethereum. Like other blockchain projects like Elrond and Solana, it helps people build decentralized apps (DAPPs) that are scalable using the proof-of-stake consensus.
It uses Ride, which it describes as “ afunctional purpose-designed smart contract language for dApp development, designed for applying scripts to assets and accounts on the Waves blockchain, as well as for creating sophisticated programmable logic for a decentralized environment.”
Most importantly, it also uses oracles that ensure that projects can have help to solve real world problems.
Waves price has surged recently as the world continues to adapt non-fungible tokens (NFT) and Decentralized Finance (DeFi) platforms. So, what next for the Waves price?
The four-hour chart shows that the Waves price surged to an all-time high of $42.15. The price has consolidated slightly as some investors take profit. As a result, it has formed a bullish pennant pattern that is shown in black. It also remains slightly above the 25-day moving average (MA).
Therefore, in my view, the currency may soon break-out higher as bulls target the next key resistance level at $45, which is about 35% above the current level. However, a drop below the lower side of the pennant at $30 will invalidate this prediction.
Please don’t consider this investment advice. Views expressed here are those of the writer and the writer and InvestingCube will not be held liable for any losses.
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