WAVES: 100% spike in seven days but should you really go long

Sequel to the worth correction that adopted the massacre that plagued the cryptocurrency market in April, winners, and losers alike depend their features and losses over the previous seven days as May got here to an finish.

Interestingly, within the final seven days, WAVES, the native token of the Waves Chain, was amongst the highest gainers because it rallied up by over 100%. The Waves Chain is a blockchain platform the place customers are in a position to create, switch and trade blockchain tokens on a peer-to-peer foundation with WAVES tokens adopted within the settlement of transaction charges.

With over a 100% spike in value per WAVES token, what else did we word within the final seven days?

The rising tide

Just seven days in the past, the WAVES token began out with an index value of $4.4. At press time, the worth per WAVES token stood at $9.43 registering a 115% spike. Since its launch in 2016, the token has made its most progress this yr reaching an ATH of $62.36 on 31 March. 

WAVES 7D graph coinmarketcap

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Source: Coinmarketcap

Expectedly, the market capitalization for the WAVES token additionally recorded an uptrend within the final seven days. Within that interval, the market capitalization went up by over 110% from $476.17m to $1.01b at press time.

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Hodlers are accumulating

The Money Flow Index (MFI) for the WAVES token has been on an upward curve for the previous seven days. Spotted at 92.06 at press time, elevated shopping for strain was underway. With a unbroken spike in value, on the time of writing, the bulls weren’t carried out pumping the token. 

Although the Relative Strength Index (RSI) shot up over the last seven days, its development was slightly gradual when in comparison with that of the MFI. Just barely above the 50 impartial area, the RSI stood at 54.89 at press time. In an upward curve, elevated shopping for was underway.

WAVESUSDT 2022 06 04 09 23 18

Source: TradingView

Although actions on the worth charts pointed on the development recorded by the WAVES token, the on-chain evaluation revealed one thing completely different.

While the worth could also be up, the token recorded no traction on a social entrance within the final seven days. At 0.188% at press time, the social dominance for the token appeared to have suffered a decline over the 7-day interval. Marking a excessive of 0.444% on 29 May, this metric declined by 57%. The social quantity marked a excessive of 268 on 31 May and has since suffered a 35% leaving this metric at 172 at press time. 

Waves WAVES 09.36.50 04 Jun 2022

Source: Santiment

On the opposite hand, inside the similar interval, the event exercise of the token rallied steadily. At press time, this was pegged at 42.

Waves WAVES 09.36.32 04 Jun 2022

Source: Santiment

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