Buying Pressure Drives WAXP to New Monthly Peak of $0.07598

• On the prior day, $0.06093 was support for WAX and $0.07598 was resistance.
• The token’s price grew by more than 15% in the preceding 24 hours.
• WAXP research reveals a strong positive market sentiment.

Over the last week, buying interest in WAX (WAXP) has skyrocketed, propelling the market’s price progressively upward. During this upward trend, WAXP prices have fluctuated between $0.05121 and $0.07598 within the span of a single week. This bullish control caused a 15.01% increase in the price of WAXP during the last 24 hours, with the token now trading at $0.07178.

The monthly high of $0.07598 was struck in the previous 24 hours, marking the pinnacle of bullish power. The market cap climbed by 13.61 % to $167.812.645, while the 24-hour trading volume surged by 434.71 % to $250.041.386 as a direct consequence of the surge in interest.

The optimistic sentiment in the WAXP market is developing as the price oscillates between support and resistance levels of $0.06093 and $0.07598, respectively. If the bullish trend continues, the next resistance levels may be around $0.08912 and $0.10500, respectively, since these are key levels to break for WAXP to solidify its bullish sentiment in the market. This might be a profitable chance for traders, as the market could see significant profits if the bullish mood can hold and break through these barrier levels.

If the bears take control of the market, the next resistance and support levels might be $0.06000 and $0.07495 respectively, which are the levels that must be broken in order for the market to establish bearish momentum.

With a Relative Strength Index (RSI) of 74.15 on the WAXP 4-hour price chart, a bullish trend is anticipated, suggesting that the price of WAXP is expected to continue rising. However, investors should be warned that an RSI of 70 or above indicates an overbought market, indicating that the price will likely correct itself shortly.

The trend of the stochastic RSI in the overbought area with a value of 90.86 further suggests that the market is overbought. This pattern suggests that the WAXP market is on the verge of a correction, and investors should be cautious when investing in WAXP since there is an elevated possibility of a price decrease due to market volatility.

Bulls must drive prices higher and defend the present resistance level in order to see more price gains in the WAX market.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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