STRAX fell 48% from its 2024 high and is possibly preparing for a retracement upward.
January 24th's daily gap at $0.8317 is providing support. This gap has confluence with January 22nd's gap and the midpoint of February 1st's tail.
A dip slightly below this support to $0.8110 is reasonable to expect. Reaching this level will likely sweep bulls' stops below February 1st's swing low at $0.8091. It's also where bulls rejected bears on January 23rd.
The price may encounter resistance at $0.8446. The bulk of the bearish distribution likely occurred between this level and $0.8597 on February 2nd. This zone confluences with February 2nd's gap and the 9 EMA.
If the price can break through this resistance - perhaps boosted by excitement over Tuesday's EVM testnet and a possible short-term Bitcoin rally - bulls' stops above swing highs at $0.8909, $0.9279, and $0.9359 could be the targets.
Resistance may increase as the price reaches each subsequent high. The most robust resistance likely begins near $0.9715, where bears distributed during the week of January 1st. This level is also the midpoint of January 19th's broad daily gap.
WEMIX has retraced 51% of December's aggressive rally in a gradual selloff.
Support may begin near $2.3512, near the midpoint of January 23rd's tail and the upper half of January 22nd's weekly tail. The price will likely sweep bulls' stops below relatively equal lows at $2.2925, perhaps before Thursday's launch. If a rally precedes the launch, bears might target these lows at or after Thursday if traders sell the news.
A drop below this support may extend to sweep bulls' stops below January 23rd's swing low at $2.1587. The unfilled part of November 30th's daily gap under this swing low offers a reasonable bearish target and could provide support. This level is also at the midpoint of November 27th's large weekly gap.
Bulls might be cautious about entering at this level since another daily gap and relatively equal lows between November 10th and November 28th provide a strong draw on the price.
Resistance begins near $2.3810, where distribution started on February 1st. The February monthly open and the 9 EMA add confluence to this level.
If this resistance breaks, $2.4877 may be next. This level is at the high of November 27th's weekly gap. It also has confluence with January 22nd's daily gap, multiple bullish rejections on December 31st and January 7th, and the lower half of January 30th's daily wick and bearish rejection.
