As the crypto market starts to rally, several major coins have reported modest gains. However, Waves appears to be outperforming the entire market by huge margins. The coin is seeing rapid recovery and a trend reversal that could deliver immense gains in the near term. Here are the highlights:
WAVES has surged by around 60% in the last 24 hours
The coin has managed to reclaim two important support zones in this bull run
The momentum will likely push WAVES towards $12 in the coming weeks.
Data Source: TradingView
WAVES price analysis and prediction
In 2022, the broader crypto market has seen major weakness. But despite this, WAVES has remained one of the most stand-out performers. The coin however saw one of its worst sell-offs of the year in May. The step decline pushed it towards a bottom price of $4.18. It seemed at the time that all the momentum and the gains WAVES had built this year were all gone.
But we are now seeing a stunning recovery. In fact, WAVES has surged by nearly 120% from its lowest price in May. The coin is now testing the crucial overhead resistance of $9.2.
If indeed WAVES is able to cross above this, it will surge towards $12 in the coming days. This will represent gains of around 50% from the current price. It will also mean that WAVES would have delivered nearly 3x gains in barely weeks.
Can WAVES keep the uptrend going?
It’s not the first time WAVES has rallied impeccably this year. However, in almost all these instances, the coin has retreated sharply from highs. The key in this bull run will be to see how long the price will stay above $12.
If there is consolidation there for a few days, then a retreat will be less severe. But in the short term, WAVES offers incredible upswing potential.
The post Waves fast recovery could push the token towards $12 appeared first on CoinJournal.