Friday, December 9, 2022

WAVES is up by more than 40% today

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The cryptocurrency market has continued its excellent start to the week, with most coins trading in the green zone.

The cryptocurrency market is set to record gains for the second consecutive day this week. The ongoing positive performance has seen the market add more than 2.5% to its value over the last 24 hours.

At press time, the total cryptocurrency market has crossed the $1.3 trillion mark once again. Bitcoin has topped the $31k resistance level and could surge higher over the coming hours if the market momentum is maintained.

Ether, the second-largest cryptocurrency by market cap, is closing in on the $2k mark after adding more than 3% to its value in the last 24 hours.

However, WAVES, the native token of the Waves blockchain, is the best performer amongst the top 100 cryptocurrencies today. WAVES is up by more than 44% over the last 24 hours, outperforming the other major cryptocurrencies. 

WAVES has been performing well since the development team launched its revival plan a few days ago. The revival plan includes the decision to completely restore the dollar-peg of USDN stablecoin over the next eight weeks. 

Key levels to watch

The WAVES/USDT 4-hour chart is very bullish at the moment, thanks to the cryptocurrency’s positive performance. At the moment, the technical indicators show that WAVES could rally higher if the market momentum is maintained.

The MACD line crossed into the positive territory a few days ago, indicating bullish momentum. The 14-day relative strength index of 73 shows that WAVES could soon enter the overbought region.

At press time, WAVES is trading at $8.39 per coin. If the rally continues, WAVES could surge past the first resistance level at $11.22 before the end of the day. 

In the event of extended bullish performance, WAVES could move past the $15 mark for the second time this month.

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