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WAX Price Analysis: Bears Overtake The WAX Coin Price Just After The Bull Run

  • The WAX price falls just after the bull run to the $0.83 mark.
  • The WAX/BTC pair trades at 0.00001152 BTC with a rise of 19.85%.
  • The 24 -hours volume for WAX coins is $1.65 Billion, indicating a 350% hike.

The WAX coin price action gains bearish momentum with a sudden reversal in the 4-hour chart. Additionally, the bearish candlestick results in a fall of more than 10%. However, the retracement to $0.66 can halt the fall. 

The WAX price shows a bullish trend, with its price trading higher than a few crucial EMAs 50, 100, and 200. Moreover, the essential EMA maintains a bullish alignment which will empower the bullish pressure. However, the fall can test the 20 days EMA shortly.

The coin price shows lower price rejection; moreover, the pivot points indicate resistance levels at the $0.88 and $1.00 mark if the price breaks above. Additionally, on the flip side, the support levels are at $0.66 and $0.55.

Will The WAX Coin Price Reach The $0.66 Mark?

We have mentioned that the WAX coins are losing bullish momentum drastically because of the bearish engulfing candlestick in the 4-hour chart. Thus, the price action indicates a fall below to the $0.66 mark.

As of press-time, the price of the coin is $0.754. Over the past 24 hours, the coin’s price has increased by 15.71%. WAX’s intraday volume traded also increased by 1000%

As it goes above its centerline, the RSI indicator indicates a rise in underlying bullishness. The slope is not divergent from the price action. The RSI indicator is a buy signal.

MACD indicators indicate that MACD moves higher than the signal lines. This suggests that the signal line in the 4-hour charts is in bullish alignment. The MACD indicator is a buy signal.

Conclusion: Technically, WAX coins show higher price rejection. This is evident in the bearish engulfing candlestick in the 4-hour chart. The bearish reversal is also indicated by the fact that the supply was met at the $0.85 mark. Therefore, traders may be able to buy at the $0.66 mark.

Resistance– $0.88 and $1

Support– $0.66 and $0.55

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Antonio K Smith: Antonio is a travel photographer by profession and came across the Crypto world during his profession. Since then his love, knowledge and interest towards the technology have increased. He brings his passion to create in his articles.