The Waves price has done well in the past few days. The token has risen by almost 30% in the past 24 hours and is currently trading at $15.72, which was the highest level since April 28th. In addition, it has risen by over 33% from its lowest level this month. As a result, its total market cap has risen to over $1.5 billion.
Waves had a difficult April as investors dumped the coin following the woes at Neutrino, the biggest stablecoin in its ecosystem. As a result, the algorithmically-balanced stablecoin saw its value crash hard during the month. As a result, investors also exited the DeFi platforms built-in Waves, pushing its total value locked (TVL) sharply lower.
Now, Waves price has done well after the developers announced changes to Neutrino. In a statement, they said that all Waves generated by Neutrino Community Node 1 will be moved to the Neutrino smart contract. As a result, the decision will affect the staking rewards of the ecosystem but boost its stability. They will also increase the reserves on the contract by more than 1.22 million. As a result, Neutrino’s market cap has risen to over $941 million.
The token is also rising as investors react to the Fed interest rate decision. Its price has risen as investors react to the ongoing tightening by the Fed. Another reason for the increase is the newly-released Protocol 1.1.0 upgrade.
Waves price prediction
The four-hour chart shows that the Waves price found a strong bottom at $11.89 last week. It has bounced back and moved above the 25-period and 50-period moving averages. The coin has moved to the highest level since April 28. The Relative Strength Index (RSI) has moved above the overbought level, while the Stochastic Oscillator has moved above the overbought level.
Therefore, the coin will keep rising as bulls target the next key level at $20. A move below the support level below $13 will invalidate the bearish view.
