WAVES Price Prediction For May 2021
Last Updated on 4 May 2021 by CryptoTips.eu
Many low cap cryptocurrencies are pumping hard in 2021 and WAVES is one of them. Like many others, the price started its uptrend in April and has gone up over 200% since 20 April. The price appears to still be pumping in the short term, but what could May have in store for the 45th largest cryptocurrency by market cap?
At the current $37.46 price, WAVES now has a market cap of $3,933,554,743 with a circulating supply of 105,011,878 WAVES. $2,166,570,345 worth of the asset has been traded in the last 24 hours, during which period it has gained 44.73%. What could be driving the continuous rise in WAVES’ price at this time?
This article is for educational purposes and should not be seen as investment advice. The information in this article is only the writer’s opinion. Do not make investments based on this information and consult an expert when making financial decisions.
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Interest on the WAVES increase
The WAVES blockchain is a multipurpose blockchain that has a particular interest in dApps. As the DeFi and dApps ecosystem is growing rapidly, interest in the asset is expected to rise naturally. However this may not be the only driving force behind the recent price rise.
Investors have recently shown interest in other crypto assets apart from Bitcoin which has for long been considered as the crypto investment of choice. The low caps including WAVES have recently shown promise of high return on investment even within shorter time periods, which makes them attractive to crypto investors.
We will use a few indicators to try to predict the trend of WAVES price in May and also consider the views of other analysts on what the price could be like.
All clear for the short term
The daily price chart for WAVES/USD shows that the short term bullish momentum is strong. Considering the Moving Averages which show no sign of trend reversal, this indicates that the upward move of the price may continue in the short term unless there is a sudden change in trend. At the moment, the price is safely above even the 20 MA (pretty short term), indicating that it could serve as a potential support should a price drop result and this is good for the asset.
Another indicator, the Moving Average Convergence Divergence (MACD) suggests that the bullish trend is still strong and further push to a higher price is still possible. The chart below shows that the blue line under the volume on the chart is above the orange with the dark green candles shooting out. A weakening of the trend will be shown by the fading of the candles to light green a trend reversal would be the crossing of the blue line below the orange one.
Watch out for a reversal (all the same)
While there is no indication that a trend reversal could happen anytime soon based on the Moving Averages, the possibility cannot be taken off the table. The Relative Strength Index which shows the momentum of price suggests that the upward move may soon be over. The 14-day RSI is now at 81.93 which is well above the overbought average of 70.
What this means is that a price drop may be imminent as the current RSI shows a high overbought condition, even in a bull market like the current one. It is also possible that the price could still rise further as an RSI of 90 and above is not uncommon at such a time either.
What analysts are saying?
Here are the views of other top websites on how WAVES may perform in May.
- Digitalcoinprice: This website expects the price of WAVES to reach $52.85 in May, an increase of 39.59%. This is about $9 less than their April prediction of $61.84.
- Walletinvestor: The price of WAVES may go as high as $60 within the first 18 days of May, according to the website. The lowest the price is expected to go is $33.313.
Conclusion WAVES price prediction May 2021
WAVES looks very attractive to invest in in the short term with the price promising to pump even higher as suggested by the MAs. However, the RSI indicates there could be a reversal soon as the asset is well above the usual overbought level of 70. It may be prudent to keep a close watch for a sell signal (a trend reversal) from now on while hoping for a higher price. This is not investment advice and you should do further research to determine your next step concerning this asset.
