Waves Add 39% to its Value as Crypto Market Recovery Continues

The total cryptocurrency market cap has climbed above $1.7 trillion as it continues to recover from its recent dip.

Waves is the Best Performer Amongst the Top 100 Cryptos by Market Cap

Waves is a blockchain and a toolkit that allows developers to build decentralized applications (dApps). The blockchain uses a Leased Proof-of-Stake mechanism that allows users to securely lend their tokens to a node, enabling them to validate blocks.

The blockchain allows users to also stake their tokens from cold storage wallets, eliminating the risk of leaving their funds vulnerable on centralized exchanges. Waves also has its novel Ride programming language that allows developers to write smart contracts with speed and security.

WAVES is the top-performing coin amongst the leading 100 cryptocurrencies by market cap. The coin has added more than 39% to its value in the last 24 hours and currently trades at $11.50.

There is no major catalyst behind this rally except the broader market recovery. The cryptocurrency market suffered huge losses over the weekend, with the market cap dropping to the $1.5 trillion level.

However, the total market cap has increased by $200 billion since the start of the week, with Bitcoin and other leading cryptocurrencies recording gains. Bitcoin is trading above $38k per coin and could reach the $38k level if the bulls remain in control.

WAVES Could Top the $12.5 Resistance Level Soon

The WAVES/USD daily chart looks bullish, thanks to the coin’s performance over the last 24 hours. The technical indicators show that WAVES is performing excellently at the moment.

The MACD line is still below the neutral zone but could move into the positive region if the rally continues. The RSI of 43 shows that WAVES is out of the oversold region and could move higher before the end of the day.

At press time, WAVES is trading at $11.50, below its 50-day moving average price of $14.43. If the rally continues, WAVES could top the first major resistance level at $12.5 over the coming hours. Unless there is an extended rally, the resistance level at $14 should cap further upward movement in the short term.