Waves Price Prediction: WAVES plunges 30% on Binance delisting news as holders turn to new ICO targeting 1000% profits.
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Waves price has plummeted 30% in the last 24 hours. Traded for $1.67 3:30 AM EST.
The price plunge is as follows: presentation Binance stated that it would no longer support the token.
Waves, the blockchain network created by Ukrainian entrepreneur Sasha Ivanov, is facing scrutiny after Binance said its tokens do not meet the criteria needed to be listed on the world’s largest cryptocurrency exchange..
$WAVES Delisted.
Price drops by 30%.
What do we see here? What happen ? What do we want to see to spot a potential twist?
Let’s take a closer look.
— Runbot (@Runbot_io) June 3, 2024
This delisting follows Binance.US’ February decision to remove WAVES for similar reasons. South Korean exchanges Upbit and Bithumb have also delisted their tokens, citing issues with the related stablecoin Neutrino USD (USDN), which is struggling to maintain its peg to the US dollar.
Waves price falls below consolidation stage
After Binance announced its delisting from the platform, the Waves price experienced a sharp red candle surge, allowing bears to sell the token. Waves price has been in a consolidation zone for a long time as token holders are holding on in hopes of the token rebounding.
WAVESUSDT analysis. Source: TradingView
Waves’ technical indicators are also bearish. This is because the price is trading below the 50 and 200 simple moving averages on the 4-hour chart. Additionally, the moving average crossover at $2.40 further confirms the negative outlook for WAVES.
The Relative Strength Index (RSI) has plummeted from the midline of 50 to 9.2, well below the oversold threshold of 30, indicating significant selling pressure.
Moreover, the MACD indicator is also showing a downward trend, with the blue average line crossing below the neutral line and below the orange signal line. The histogram shows increasingly red bars below the neutral level, reinforcing the bearish momentum for WAVES.
Waves price prediction
The overall outlook for WAVES remains bearish and recovery appears distant. However, there are hopeful signs as the small green candle ticks indicate that some investors still believe in the token project.
If the bulls gain enough momentum, they could push the price back to the $2.45 level. Nonetheless, the bearish trend appears strong and it is likely that the price will continue to fall due to the weakness, causing the RSI to decline further and consolidate.
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