WAXP token emerged as one of the highest performing assets during the NFT boom recently in 2021. The asset managed to range as high as more than 240% within a month and recorded its highs just below $1. Further amid the current market trend, the price shed more than 158% of its value and is currently showing no signs of a rebound. However, despite the bearish trend expected to prevail, still, the possibilities of a rebound cannot be completely nullified.
Wax(WAXP)/USDT Technical Analysis at a Glance
Wax tokens which once outperformed the top crypto assets like Bitcoin, Ethereum, etc had a pretty good start for the 2022 trade. Aiming the $1 milestone, the WAXP price managed to trade above $0.5 quickly within the first 2 days of 2022. However, since then the asset began to dive in the deep bearish well where-in each attempt of a rebound went in vain. Yet in the STF, a strong fight between the buyers and the sellers could compel the price to rebound from the bearish trend.
|Short-Term||The WAXP price is attempting to halt the downtrend as a significant amount of buying volume has been accumulated in the past couple of hours. Therefore a short-term upside swing may be expected.|
|Mid-Term||In the Mid-term the asset has bottomed hard and also includes a failed attempt of a rebound. However, selling pressure still mounts and hence the price could dive deeper until selling pressure eases|
|Long-Term||The asset is swinging within a strong downtrend and yet to reach the lower support levels. And hence the Wax price may continue finding lower lows for the next couple of days|
Additional Read: Daily Crypto News 19 January, 2022
Wax(WAXP) Technical Indicators & Pivot Levels
|Technical Indicators||Value (1Hr / 1D)||Value (1Hr / 1D)|
|Commodity Channel Index(CCI)||-169.33 / -112.66||Buy / Neutral|
|StochasticRSI(StochRSI)||6.39 / 21.05||Neutral / Neutral|
|Ultimate Oscillator(7,14,28)||32.3 / 44.9||Neutral / Neutral|
|Bull-Bear Power||-0.0095 / -0.0539||Neutral / Neutral|
The Wax token forecast is extremely bearish in both the short term and long term. The Commodity Channel Index(CCI) which indicates the reversals and divergence is somewhat bullish in the short term as it has shown a minor divergence from the rock bottom levels. However, it remains neutral in the long term similar to the StochRSI. StochRSI being close to the average levels in both cases remains neutral indicating the upcoming price movement to be uncertain.
Interestingly, Ultimate Oscillator which is used to eliminate the false divergence by considering 3 different moving averages is also neutral. It is because the price is showcasing its equal tendency to propel on either side. And hence the bull-bear power is also neutral, as both are currently calm. But in the upcoming period, either bull may get intensified or the bears.
Coming to the pivot levels, the WAXP price is currently just above the 50-day MA in the short term, while the strong resistance lies at the 50-day MA in the long term. The asset needs to test and clear the immediate resistance levels to certify with a notable uptrend while achieving the 50-day MA resistance levels in the long term, the price may get a larger boost to surpass the crucial resistance above $0.5. Further, the bull run may get intensified and escort the price close to its ATH or even towards the $1 milestone.
Wax(WAXP)/USDT Technical Analysis for the Week
Wax price closed the previous week trade consolidating within narrow levels, yet failed to clear the crucial resistance zone. However, the asset began the current weekly trade on a massive bearish note by shedding more than 10% of its value. No doubt the WAXP crypto did attempt to halt the downtrend with a notable amount of buying influx yet it failed to ease the selling pressure. And hence the asset kept on drowning in the deep bearish well.
Source: Tradingview Date: 19-01-2022 Time: 12:20pm
- The Wax price is trending within a descending channel and every attempt of breaking above the trend was rejected
- Yet for the past couple of hours, the formation of Doji candles signifies a tough fight between the buyers and the sellers where-in sellers could get exhausted very soon.
- The price may experience an interim upside trajectory that may hit the immediate resistance at $ 0.3888. Further, the next levels to achieve could be the 50-day MA levels at $0.40.
- A notable influx of liquidity may be witnessed once the asset attains these levels which may propel the price towards the major resistance at $0.4143 which is also a high-demand area. Here the buyers are expected to jump-in in large numbers to ignite the bull run yet again
- However, the asset could inculcate a strong bullish momentum once it achieves $0.5 crucial resistance.
Wax(WAXP)/USDT Technical Analysis for Today: 19 January 2022
The WAXP price is following a massive downturn since the beginning of the present-day trade. Despite a notable buying volume in between, the selling pressure continues to prevail, dragging the price towards rock-bottom prices. Currently, the sellers appear to be in the initial stages of exhaustion and now the buyer has the opportunity to halt the downtrend and try to uplift the price. If not, at least maintain a healthy consolidation, which appears to be pretty unlikely.
The WAXP price at the press time is around $0.3755 with a drop of nearly 2.44% compared to the previous day’s close. The trading volume remains depleted by 5.61% registering only $26 million. Also, the market cap is squeezed more than 2% but stands firmly above $1 billion.
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