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WEMIX Price Soars 165% To $2.75 As Bulls Battle Major Resistance: What Next WEMIX?

02/24/2023
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After weeks of consolidation, WEMIX price took off in mid-January, making what now counts as an outstanding 656% breakout. However, the rally was threatened by a bearish attack during the first week of February, sending the price down almost 30% to the $ 1.0291 level.

On February 13, WEMIX bulls organized a retaliation that catapulted the price 165.26% to a high of $2.7 on Tuesday. Despite the bullish effort, stiff resistance at the $3.0 barrier has stagnated the WEMIX price. While bulls are still optimistic for a 45.06% ascent, this does not disqualify the bearish effort. The token is still operating within a sturdy supplier congestion zone.

At the time of writing, WEMIX price was trading at $2.476 after losing around 8.18% on the last day. The token’s market cap was also down 8.11% to $599.345 million. Even with the bearish stats, trading activity for the token was still positive, gaining 12.41% to $36.44 million in 24 hours.

WEMIX is the ticker token for the WEMIX3 mainnet, an “experience-based, platform-driven, and service-oriented decentralized blockchain protocol.” It powers a “mega-ecosystem” of web 3 platforms, making it a high-performance Ethereum Virtual Machine (EVM) compatible open-source protocol.

WEMIX Surpasses $10 Million In Organic Demand

WEMIX price has reacted positively to the growing buzz for the new creator-oriented platform. The platform gives creators a chance to monetize their content and engage with their fans in innovative ways. With this gesture of accomplishment, the platform is poised to be a major player in the creator economy.

As more creators look to monetize their work and develop more direct relationships with their fans, platforms like WEMIX are becoming increasingly important. This is because they are enabling a new era of creative freedom and financial empowerment.

Based on a recent announcement, the native token for the Wemix ecosystem, WEMIX, has surpassed the $10 million mark in organic demand.

This came after the listing on Coinone, which made WEMIX Classic deposits increase by a significant margin. An excerpt in the report reads, “For smooth and stable WEMIX trading for investors, additional WEMIX transfers for WEMIX3.0 migration will be made accordingly.”

As regards the burn process, the WEMIX Classic held by the exchange will be transferred to the Klaytn Dead Wallet address. The same was done in the previous round.

Still, on developments, the WEMIX token recently secured listing on India’s largest cryptocurrency exchange Bitbns, with a medium announcement highlighting:

Users now are available to trade on the official digital asset trading platform ‘BNS’ of Bitbns Exchange using Indian Rupee(INR).

The recent bull run for the WEMIX token can be attributed to these records of accomplishment on the network. These inspired investor confidence in the token.

WEMIX Price Fighting A Stiff Supplier Congestion Zone

At press time, the token was auctioning for $2.476 as bears tried to cut down on Tuesday’s gains. This came after the immediate resistance at $2.7518 rejected the price on February 21. An increase in buying pressure past this level would therefore pave the way for more gains.

Nevertheless, the open-source protocol was also facing major resistance at the $3.0 level. This had kept the price capped since June. To record higher prices and bag more profits for investors, WEMIX price must first flip this hurdle into support. Such a move would secure the uptrend.

Past this major roadblock, WEMIX bulls were planning a 45.06% ascent to the $4.0 level last tested around June.

WEMIX/USDT Daily Chart

WEMIX/USDT Feb 22
TradingView Chart: WEMIX/USDT

WEMIX price enjoyed strong support downward, offered by the 200-day Simple Moving Average (SMA) at $1.358. This was recently flipped from resistance. This level, coupled with the 50-day SMA at $0.9566 and the 100-day SMA at $0.7831, provided a potential shed for the bulls in case they needed a breather.

The upward-facing Moving Average Convergence Divergence (MACD) supported the bullish outlook. It was moving upward in the positive region above the mean line. Moreover, the histograms also flashed green to signify bulls dominated the market.

Also bolstering the bullish outlook was the 50-day SMA, which was facing upward. This indicated that more bulls were coming into the market.

On the downside, the relative strength index (RSI) position at 76 showed that the token was overbought. This meant a pullback was impending. It also explains the downward-facing RSI indicator, which signified investors exiting the market. Notice the histograms were also fading, thereby adding credence to this opinion.

If selling pressure increases, the downtrend could continue, sending the price down to lose the major support at the $1.35 level embraced by the 200-day SMA. In extreme cases of a sell-off, the price could move lower to retest the $1.0291 level from which the price recently sprung.

WEMIX Alternative

As WEMIX fights to breach the major resistance, consider FGHT, the native token of the Fight Out ecosystem, and has investors being extremely bullish.

Fight Out is a move-to-earn (M2E) platform where participants can compete and earn rewards. The FGHT currency employs the M2E technology and an algorithm that uses several crucial data points like tracking movement and effort, sleep, and diet. These are all towards developing a user’s profile fitness so that more customized training regimens can be given.

The network’s FHGT token is currently in the presale stage and has already raised upwards of $4.5 million.

If you want to join the Fight Out community, now is the best time, as token prices will increase in the next stage.

Read More:

Fight Out (FGHT) – Move to Earn in the Metaverse

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  • Earn Free Crypto & Meet Fitness Goals
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Source: https://insidebitcoins.com/news/wemix-price-soars-165-to-2-75-as-bulls-battle-major-resistance-what-next-wemix