WAX (WAXP), founded and released in 2017, is a purpose built blockchain which is designed to make e-commerce transactions faster, simpler, and safer for every party involved.
WAXP price is currently stuck in a consolidation zone ranging between $0.043 and $0.04 since June 11, after breaking the support level of $0.475. The bullish rally for WAXP price began during the start of 2023, when price gained bullish momentum and started to rise from the low of $0.414. On Feb 24, WAXP price formed a high at $0.0925.
During the start of March, price melted down to correct the bullish move and form a support near $0.06. WAXP price again gained bullish momentum and rose above $0.1, but bears did not find the price justifiable and entered the market to push the price further down.
Since then, the cryptocurrency’s price has been in a downtrend. It has lost all of its 2023 gains and is down 99.17% from its all-time high of $5.01. If bears can push price below the recently formed support level of $0.04, there is a high probability for the price to fall toward $0.038.
On the other hand, if bulls enter the market to push price above $0.0430, the next immediate support turned resistance resides at $0.0475. The bearish trend is strong and the possibility of an upward breakout is little. Bitcoin and Ethereum have started to recover from losses which has consequently shifted the trend of altcoins.
Will WAXP Coin Break the $0.043 level?
WAXP is currently trading below the 20,50,100 and 200-day EMAs, indicating bearish momentum in the price. The Chaikin money flow score is -0.16, suggesting that there is weakness in the market. For the price to retest the annual high, it needs to rise above the $0.0775 level.
RSI has been inhabiting the oversold zone since June 9, indicating a strong bearish momentum. RSI trades at 29.29, suggesting that there is a chance of reversal or short-term pullback. The current market scenario does not show any major signs of bullishness and traders should wait for the price to break and close above the $0.043 level.
WAXP price has reached the lower band of bollinger and has entered a consolidation phase. The bands have expanded, indicating high volatility in the market.
Conclusion
The overall market structure and price action of WAX is bearish but currently, WAXP price has entered into a consolidation zone. The technical parameters are strongly favoring the selling side as WAXP price has not shown any major signs of bullishness.
Technical Levels
Major support: $0.04 and $0.038
Major resistance: $0.043 and $0.0475
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/20/wax-price-prediction-waxp-price-enters-into-indecisive-phase/