$WAXP /USDT Technical Analysis – Bullish Momentum Takes Hold #WAXP is trading at $0.04730, showing a strong +10.31% gain over the last 24 hours. Here's an analysis of the current market setup:
Key Support Levels:
$0.04600: Immediate support to watch if the price retraces slightly.
$0.04400: A stronger support zone that could serve as a base for further upward movement.
Key Resistance Levels:
$0.04800: Immediate resistance, corresponding to the 24-hour high.
$0.05000: A psychological and critical resistance level for further bullish confirmation.
🎯 Trading Strategies:
For Bulls:
Consider entries on retracements near $0.04600, with stop-loss below $0.04400.
Target $0.04800 for short-term profits and $0.05000 for an extended rally.
For Bears:
Watch for rejection at $0.04800 to open short positions, targeting $0.04600 or $0.04400.
Maintain a stop-loss slightly above $0.04850 to manage risk.
🔥 Market Insights:
The RSI is at 68, nearing overbought conditions but still supportive of bullish momentum.
Trading volume has seen a significant uptick, signaling strong interest and potential volatility.
A breakout above $0.04800 could propel WAXP toward $0.05000 or higher, while failure to hold $0.04600 may lead to a minor retracement. Stay alert for decisive moves around key levels.