WAX (WAXP) is a purpose-built blockchain designed to make e-commerce transactions faster, simpler, and safer for every party involved. The WAX blockchain uses delegated proof-of-stake (DPoS) as its consensus mechanism. The Wax is fully compatible with EOS.

Let us look for the technical analysis of WAXP.
<h2><b>Past Performance</b></h2>
In the 1-month chart, it can be seen clearly that the WAXP coin is on an uptrend. The price has almost tripled in the last 30 days, with the price continuously making higher highs and higher lows. However, the price is still a long way from making a new all-time high.

On November 8, 2021, the opening trade took place at $0.5109. A week later, after an increase of 53.33%, WAXP closed on November 14, 2021, at $0.7834. The price took support around $0.4719 in the earlier part of the week.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/2/2sTSuXeW.png" alt="TradingView Chart" />

Source: <a href="https://www.tradingview.com/x/2sTSuXeW/">https://www.tradingview.com/x/2sTSuXeW/</a>
<h2><b>WAXP Technical Analysis</b></h2>
The long ongoing uptrend suggests that the WAXP is likely to continue upwards in the coming days as well. Even today, there is no negative signal from the price chart till now. The current trading price of WAXP is $0.8143, which is 2.16% higher than the previous day’s close. Let us look at what the indicators are recommending.

The <strong>OBV indicator</strong> is showing is following the price chart’s trajectory. The buying volumes can be seen to dominate the selling volumes, thus putting pressure on the price to move upwards.

Currently, at 86.52%, the <strong>RSI</strong> is continuing to move in the overbought region for a long time. There is no signal for a price correction from RSI right now. The traders may take a long position here.

The <strong>MACD</strong>, being a lagging indicator, is confirming the ongoing uptrend as both the MACD lines and the Signal line are positive. Also, the height of the histogram is increasing, thus giving a positive signal to the traders.
<h2><b>Day-Ahead and Tomorrow</b></h2>
In terms of price, WAX has an outstanding potential to reach new heights. It is a forecast that WAXP will increase in value. The price might go above $0.63 by the end of this year. If we look at the psychological targets, it is estimated that the coin will easily reach the $1 mark. Please note, there is some risk to any investment and before making any call, conduct the maximum research possible.

As the price is continuously soaring high, <strong>Fibonacci retracement</strong> is showing that the price chart has crossed all the current pivot points successfully.

The indicators are giving strong bullish signals. Thus, the traders may consider taking a long position. However, since the price has already increased so much, a correction can be seen anytime and the traders need to be alert. Hence, they can keep their targets at $1, while placing a stop-loss at $0.7.

WAXP Technical Analysis: Price Might Rise Above $0.63 by the End of This Year

If we look at WAXP psychological targets, it is estimated that the coin will easily reach the $1 mark. Please note, there is some risk to any investment and before making any call, conduct the maximum research possible.As the price is continuously soaring high, Fibonacci retracement is showing that the price chart has crossed all the current pivot points successfully. The indicators are giving strong bullish signals. Thus, the traders may consider taking a long position. However, since the price has already increased so much, a correction can be seen anytime and the traders need to be alert. Hence, they can keep their targets at $1, while placing a stop-loss at $0.7. 

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

WAXP Technical Analysis: Price Might Rise Above $0.63 by the End of This Year

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