WAX Technical Analysis: WAX/USD succumbs to selling pressure and plummets to $0.057
- After a massive bull run to $0.088, WAX has started consolidating and has dropped to $0.057.
- WAX can still defend the daily 26-EMA but has lost the 12-EMA.
The WAX bull run is paused as bulls couldn’t handle the selling pressure around $0.08 and the price dropped to a low of $0.057, the current price at the time of writing. Bulls have lost the daily 12-EMA at $0.0641 and they are looking to defend the daily 26-EMA at $0.0547.
WAX/USD daily chart
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The daily chart is not looking too great for WAX as most of the gains are now lost in a violent consolidating move. During the past three days, bears have taken over and managed to drop WAX by more than 35%.
The daily 26-EMA at $0.0547 will serve as the next support level. The daily RSI is extremely oversold and could help the bulls in the short-term but the bearish momentum is strong.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
