Waves (WAVES) increased its price rally further this week, although the biggest cryptocurrencies have fluctuated between losses and gains in other parts of the market.
Wave boom with 230%
The WAVES / USD trading pair is up almost 75% this week to around $ 31, the best level since October 28, 2021. The rise was part of an upward correction that caused it to rise by just over 230% in three weeks.
Weekly price chart WAVES / USD. Source: Trading View
On the other hand, Waves’ main competitor in the smart contract sector, Ethereum, has fared worse, with its original token Ether (ETH) down almost 2% in the last three weeks. Similarly, Bitcoin (BTC), the leading cryptocurrency by market value, has lagged behind in the same period, rising by just over 1%.
Neutrinos buy waves
As Cointelegraph previously reported, the Waves price increase may come after subsequent positive updates, including the launch of a $ 150 million fund to support Waves-based decentralized application projects and a partnership with Allbridge to facilitate interoperability between Waves and other blockchains.
In addition, Wave’s bullish period also coincided with an increase in the flow of Neutrino smart contracts. In particular, the availability of Waves tokens in the algorithmic stablecoin protocol increased from 43.38 million on 15 February to 51.80 million on 8 March.
Total number of Waves tokens in the Neutrino smart contract as of March 10, 2022. Source: Devi Lama.
As of March 10, neutrinos had approximately 47.31 million Waves tokens in their smart contract with a total insured value of $ 1.35 billion, almost 60% of the total value locked in the Waves ecosystem.
In particular, Neutrino has been able to create many decentralized stable coins that maintain the link to the US dollar by guaranteeing the waves stored in Neutrino’s official smart contracts. The first stack coin is the Neutrino USD (NUSD).
Over the past 30 days, Neutrinos has released over $ 135 million in NUSD reserve support, which has grown from around $ 530 million to $ 1.35 billion as previously mentioned. Meanwhile, the growing number of Waves tokens available in Neutrino smart contracts confirmed that he has been one of the most active buyers of Waves since 10 February.
Market value of NUSD for the last 30 days. Source: CoinMarketCap
With the price of Waves rising, it appeared that Neutrino was holding tokens in its “reserve fund” to provide support to the NUSD in the event of the next price drop, thus limiting its negative bias.
Triple top installation
Waves can technically pull a triple top against the US dollar, as the price is close to testing a record high of around $ 42 for the third time since May 2021.
The weekly price chart WAVES / USD shows a triple peak. Source: Trading View
In detail, triple peaks are formed when the price makes three peaks with pullbacks moving toward what is known as a “swing low” in between. First, it shows that markets can not penetrate into top areas, ie they can not find new buyers near / at a higher level. The price then fell to a low level.
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As a result, if the waves fail to close over their first and second peaks, the chances of them falling to the $ 11- $ 13 swing low range – the range that previously supported the three peaks – will be high.