As goes the market, so goes WAXP. With Bitcoin breaking through the 40,000 mark and re-establishing a new support, the same can be said with the WAXCOIN.
- WAX Coin continues the bullish trend after a brief breakout from the bullish trendline
- The coin broke a crucial upward sloping trendline which acted as the support
Chart of WAX/USD by Trading View
WAX Coin Price has broken a long-term support trendline on the daily chart. The coin was on a bearish momentum over the last few months and broke the support channel in the process. The coin however has made an immediate correction and been on a bullish trend for the last month and a half along a new support trendline. The token is currently testing the support zone of the trendline and the coin looks to continue the bullish momentum over the next few trading sessions. The Relative Strength Index (RSI) chart indicates neutrality for the coin.
Chart of WAX/USD by Trading View
WAX Coin Price has broken out of a bearish parallel channel on the hourly chart over the last couple of trading hours as can be seen on the chart. The coin was in a bullish parallel channel for a week before making a reversal into a bearish parallel channel. The coin is currently testing the resistance and looks to break out of it. The RSI chart indicted neutrality for the coin.
ALSO READ: Why did the SEC impose a fine of $100 million on this crypto lending platform
Conclusion:
WAX Coin has been on a bullish trend over the last several months. The coin broke the support trendline on a bearish dominance but has made immediate corrections and is currently in an adjacent parallel channel.
Support: $ 0.32
Resistance: 0.40
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
