by Alex Davies on December 10, 2018

WAX Analysis – locked in a sideways movement

WAX is one of the major cryptocurrencies on the market and much like the other assets of the same type, it experiences a huge volatility. At the beginning of the last month, we took a positive stance on the price of the cryptocurrency. The month was already off to a strong start as November registered some of the highest levels in three months. We considered the $0.1 mark to be a psychological barrier but expected the price to break it and continue increasing even more.

WAX Analysis - locked in a sideways movement

Like we predicted, WAX broke the barrier at $0.1 and even surged 30% higher. That was it for the growth. Soon after, the price reversed and started to experience a sharp decline. The price now stands near the long-term lows and is tracing a sideways pattern between the value of $0.05 and $0.075. These lines are shown on the graph above in orange and red respectively. If the price manages to break the red upper line, then it will trigger a buy signal while breaching the lower orange line will be a sign to sell. We don’t suggest making any decisions as long as the price is trapped in the sideways movement.

By Alex Davies

Alex Davies is a long-time trader with a background in statistical analysis. Davies has worked as a financial analyst since 2014 and has been writing technical analyses for various publications since 2015. Davies writes on different financial instruments including stocks, cryptocurrencies and currency pairs.

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