Ever since its market high of over $0.90 back in November of 2021, WAXP has followed the market trend and has been running well below that peak. As the market is beginning to turn around it seems that the Wax coin is also. In the chart below we can see that it found its nice support around the $0.28 cent range. It has tried to break free into the $0.40 cent range but has struggled.
This is nothing new. If we look back to before its massive bullish run, we can see that the WAX coin is no stranger to the $0.28 and $0.39 support and resistance. It appears similar to a pulse on a hospital monitor where you can track a pulse by a wave form.
As an investor, a person may want to watch and see if it comes close to its support again then ride it up past its current resistance. That wave represents a little over a 30% swing and a tidy profit for those who take that ride successfully.
Of course, the other side of that coin is that it breaks through its current resistance without going down and leaves those investors who waited, out in the cold. With the current market volatility, it difficult to say but that’s what makes the market so profitable. Time always settles bet so it will soon be seen.
As of this writing WAXP is up almost 6% for the last 24hrs at a price point of $0.372
This article should not be taken as financial advice as the market is unpredictable and losses are to be expected.