$WAXP
/USDT Technical Analysis & Trade Signals
Current Trend
Price: $0.05593 (up +2.55%)
The market is showing a bullish trend, as the price is hovering near the upper end of its 24-hour range, suggesting short-term buying momentum.
Key Technical Indicators
Support: $0.05347 (24h low) – A strong support level, if the price retraces.
Resistance: $0.05625 (24h high) – The current resistance level, price could face rejection here.
Moving Averages: The price is above the 50-period moving average, suggesting upward momentum.
RSI: At around 60, indicating bullish momentum without being overbought.
MACD: Bullish cross confirmed with increasing momentum.
Trade Signals
Bullish Signal: Break above $0.05625 could trigger further upward movement. Look for a confirmed close above this level.
Bearish Signal: A drop below $0.05347 would indicate a potential trend reversal or consolidation phase.
Target Levels 🎯
1. First Target: $0.05750 – A breakout from current resistance could push the price to this level.
2. Second Target: $0.06000 – Mid-term target if bullish momentum sustains.
3. Third Target: $0.06200 – Potential price level after sustained upward movement.
Trade Momentum
The bullish momentum is strong, but caution is needed around resistance levels ($0.05625).
Short-term traders should monitor for price action confirmation near these key levels to manage risk.
Conclusion:
Currently, the market is bullish. If price stays above support ($0.05347), a continued rise is likely, with key targets at $0.05750, $0.06000, and $0.06200. Stay alert for reversals near resistance.