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Here is why Waves price has fallen

 


Waves price plunged to its lowest level in more than a week as investors watched Neutrino's market moves. The token plunged to a low of $33.66, which is about 47% below its highest this month. Its market cap has dropped to around $3.3 billion, making it one of the worst performers.


Why did Waves crash?

Waves is a blockchain project that aims to be a better alternative to Ethereum. In recent months, the platform's ecosystem has grown significantly. According to DeFi Llama, some of the top apps in its ecosystem include Neutrino, Vires Finance, and Waves Exchange, among others.


Waves price crashes on the performance of Neutrino, an algorithmic stablecoin. Neutrino's price fell sharply after losing its peg to the USD. At the time of writing, the coin's price has plummeted more than 12% in the last 24 hours, bringing the total market cap to around $913 million.


Waves is a unique stablecoin in the way its assets are secured. Although backed by the USD, it has some algorithmic features that determine how it is generated. The maximum cap and supply of the USDN is limited by the maximum cap of the WAVES token,


Therefore, Neutrino's decline has helped contribute to Waves' price action. This is notable as it is the largest platform built into Waves. It has a dominance of 66.87%, making it very influential. In fact, his rise helped fuel Waves' strong performance over the past few months.


Waves Price Prediction



Like most digital coins, WAVES price has been in a strong uptrend for the past few months. This made it one of the largest cryptocurrencies in the world. Now the coin has crashed due to the neutrino crisis and moved slightly below the key $36 support level. It has also moved below the 25-day moving average, while the Relative Strength Index has fallen below the oversold level.


Hence, the price of the coin is likely to continue falling in the coming days. In that case, the next key support level is $25.


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