WAX Price Analysis: Will WAX Rebound From The Support Level?

• WAXP is currently trading at $0.04748 with a decline of -3.08% in a week.
• WAXP’s live market cap is $159,063,838.
• WAXP’s 24-hour volume is $935,423 which declined by -64.60% in 24 hours.

The WAX (WAXP) cryptocurrency is now showing a negative trend, and technical analysis predicts the trend will continue over the next few days. With lower highs and lower lows, the price of WAXP has been steadily falling, signaling market weakness in terms of both purchasing demand and selling pressure.

After hitting a high of $0.9875 in November 2021, WAX coin started to decline. The price fell by 93% during the next seven months, one of the biggest drops the coin has ever seen in such a short period of time.

The WAX coin gained support during this downturn at a price of $0.3993, which caused a brief reversal towards $0.8720.

 The price, however, ran against stiff resistance there and was unable to overcome it, which led to a subsequent decline back to the support level.

Since there is no visible strength in the WAXP coin at this time, it is expected that the price will stay within this range while it is currently close to the support level. This can mean that there isn’t much demand for buying or upward momentum. 

WAX (WAXP) Price Analysis – Price in Downtrend

EMA

WAX (WAXP) price has consistently traded below its 50-day moving average and 200-day moving average, indicating a bearish outlook in the market. Below these key moving averages indicates a negative trend and a lack of positive momentum.

MACD 

As the MACD line has crossed below the signal line, the WAX cryptocurrency’s MACD (Moving Average Convergence Divergence) indicator is showing a negative signal. This crossover suggests that market momentum may be shifting in a bearish direction.

In addition, the MACD indicator’s majority of the histogram bars are red, signifying a downward velocity. This means that the price of WAXP coin may continue its recent downward trajectory for some time to come.

RSI 

If a cryptocurrency’s RSI (Relative Strength Index) is close to 38 and its SMA (Simple Moving Average) is close to 39, it shows rather weak market momentum. Additionally, it might be considered a negative indicator, indicating a possibility for the price to decrease, when the SMA is above the RSI.

Volume Analysis

The 24-hour trading volume of the cryptocurrency WAX (WAXP) has significantly decreased. The volume has decreased by -64.60% during the past 24 hours, reaching $935,423. This dramatic drop in volume suggests that there aren’t many buyers in the market.

Conclusion 

The daily time frame technical indicators for WAX (WAXP) coin are currently displaying a negative signal. The MACD generates a negative crossing, and the RSI also shows a negative signal. The current price of WAXP suggests uncertainty for the near term, while the EMA analysis shows that the short-term trend is downward. 

Technical Levels

• Support – The current support level of the WAX coin is $0.3993851.
• Resistance -The current resistance level of the WAX coin is $0.87020422.

Disclaimer

Only for informational purposes, the author’s views and opinions, as well as those of anyone named in this article, are expressed. They don’t provide advice on money, investments, or anything else. The possibility of financial loss exists while investing in or trading cryptocurrencies.