Waves (WAVES), which continued its price rise into this week, despite the fact that its top crypto competitors were struggling between gains and losses elsewhere on the market, also continues to be a strong performer. Neutrino bought the WAVES dip, as the price rebounded to its highest level in more than four months.
A Waves boom of 230%
The WAVES/USD trading pair soared by almost 75% to reach $31, its highest level since Oct. 28, 2021. It rose as part of an upside rebound move that saw it rise by just over 230% in just three weeks. Waves’ main rival in smart contracts, Ethereum, performed poorly, with Ether (ETH), its native token, dropping almost 2% over the past three weeks. Bitcoin (BTC), which is the largest cryptocurrency by market capitalisation, also underperformed during the same period. It rose by just over 1%.
Neutrino purchases the Waves dip
Media reported earlier that Waves might have seen a price rally in response to back-to-back optimistic updates. These included the launch of a $150million fund to support Waves decentralized application projects, and the partnership between Allbridge and facilitate interoperability among Waves and other Blockchains. Waves’ uptrend coincided with an increase of its inflows to Neutrino’s smart contract. Notably, the Waves token supply to the algorithmic stablecoin protocol grew from 43.38 millions on February 15 to 51.80 million by March 8.
Neutrino had approximately 47.31 million Waves tokens locked in its smart contract as of Thursday. The total value of the Waves ecosystem’s total value was $1.35 billion. This is almost 60% of the total value of Neutrino.
Neutrino allows the creation of multiple decentralized stabilizecoins. These stablecoins can maintain their U.S.-dollar-peg through collateralizing Waves in Neutrino’s official smart contracts. Neutrino USD is the first such stablecoin (NUSD).
Neutrino has issued $135 million in NUSD over the last 30 days. This was backed by reserves of $1.35 billion, which grew from $530 million to $1.35 trillion. Neutrino was also a more active Waves buyer since February 10, as evidenced by the increasing number of Waves tokens it supplied to its smart contracts.
Setup of triple top
Waves could be attempting to create a triple top against U.S. dollars as its price approaches its record high of $42 for the third consecutive time since May 2021. Triple tops are formed when three peaks form with pullback movements towards a “swing low” in the middle. They first show that the markets are unable to penetrate peak areas. This means they can’t find buyers at the top. The price drops back to the swing low later.
Waves will likely fall towards the swing-low zone between $11 to $13 if it fails to close above its first or second top. This is the area that has been supporting the three peak’s peaks.
