The WAVES token price nearly doubled in just a day. Key Takeaways:

  • Blockchain platform Waves found support from Web 3 investment firm DWF Labs.

  • The platform’s native tprice surged by nearly 87% as the news hit the wire.

Read CoinChapter.com on Google News

NEW DELHI (CoinChapter.com) — Blockchain platform Waves namesake native token’s price rocketed upwards on June 24, with WAVE prices nearly doubling in under 24 hours.

The reason behind the uptrend seems to be support for the blockchain platform from digital asset market maker and web3 investment firm DWF labs. The firm committed 500,000 WAVES tokens for staking and voting to support the Waves DAO.

The contribution would improve the decision-making capabilities while helping enhance Waves DAO’s growth. Moreover, the contribution might attract more developers to the blockchain platform. Built on the Power platform, the DAO would help support the development of new projects on the blockchain.

WAVES Price Drops As Profit Booking Starts

Meanwhile, WAVES price rose nearly 87% on June 24 to reach a multi-month high of $2.88 before paring some of the day’s gains. The token still ended the day with over 57% gains.

Also Read: Bitcoin Price Likely To Reach $32.5k, Says Analyst As Bullish Cues Line Up

However, the bearish pressure continued on June 25, with the token dropping nearly 23% to form a daily low near $$2.033. The bulls recovered some of the lost ground later in the day. The bears seem to be defending the 200-day EMA (green) trendline.

WAVESUSD daily chart with RSI. Source: Tradingview.com

If the downtrend continues, WAVES price might drop to its immediate support near $1.9. Moreover, breaching the immediate support level could force the token’s price to fall to its 50-day EMA (purple wave) support, near $1.67, before recovering.

Meanwhile, the relative strength index for the token became natural again after foraying into the overbought region on June 25, clocking at 65.64 on the daily charts. Traders often consider overbought RSI levels a signal of an impending bearish trend reversal.

On the other hand, another bullish rally would first face resistance at the 200-day EMA level near $2.38. Moreover, breaking and consolidating above the immediate resistance level might help the Waves token price rally to $2.88 before downside corrections pare gains.

The post Waves Token Rallied 87% In A Day — Here’s Why appeared first on CoinChapter.