An altcoin project setting a “triple top” on its annual timeframe is pushing the ATH level for the third time despite current market fluctuations. So, could this spoil the rally?
Altcoin project is up 230% in three weeks
WAVES price is up nearly 75% this week, reaching $31, its highest level since October 28, 2021. The rally came as part of an upside correction that saw it rise just over 230%.
Neutrino bought Waves at a bottom price
As we quoted as Kriptokoin.com, Waves’ price increase was $150 million to support Waves-based Dapp projects. It may have come after back-to-back optimistic updates, including the launch of a fund and a partnership with Allbridge to facilitate interoperability between Waves. Furthermore, Waves’ uptrend period also coincided with an increase in Neutrino’s flow to its smart contract. Notably, the Waves token supply to the algorithmic stablecoin protocol increased from 43.38 million on February 15 to 51.80 million on March 8.
As of March 10, Neutrino held approximately 47.31 million Waves tokens in its smart contract, with a total unlocked value of $1.35 billion, almost 60% of the total value in the Waves ecosystem. It turned out to be locked. In the last 30 days, Neutrino has exported more than $135 million in NUSD, backed by reserves rising from around $530 million to $1.35 billion as noted above. Meanwhile, the increasing amount of Waves tokens provided to Neutrino’s smart contracts underlined that it is one of the most active Waves buyers since Feb.
‘Triple Top’ pattern
Technically Waves as its price approaches testing its all-time high of $42 for the third time since May 2021 It may be drawing a triple top against the dollar.
In detail, triple tops are formed when the price forms three highs and the pullback moves towards the “low swing” in between. First, they show that the markets cannot enter the top zones, i.e. they cannot find new buyers at the top. Then the price returns to the lowest level. As a result, if the waves fail to close above the first and second highs, the probability of a drop to the swing-low area of $11 to $13 – the range supporting the three highs – could be high.
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