Cryptocurrency
by Ani Mazanashvili 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 Ani Mazanashvili

Ani is our assistant content manager. She makes sure that all the articles we write on InsideTrade are clear, concise, and easy to understand for our visitors. Thanks to her experience in the financial markets over the last year, she also reports on interesting stories as well.

More content by Ani Mazanashvili

Comments (0 comment(s))

Copyright 2024 InsideTrade.co