The WAX (WAXP) investors seem to be running a fair show demonstrating that they have the ability to keep the bullish trend going for WAX. It is because of the strong display of power by the bulls that WAXP has continued growing larger.
In the past 7-days, the price of WAX has continued growing because of the investors who are emptying their wallets to buy as much WAXP as possible The bulls have been trying to upgrade the rally that is set to push WAX’s price even higher.
If the bulls prevail against the selling efforts of the bears, they may succeed in creating a significant surge in WAX’s price. In the past 7-days, the price of WAX has grown up by 13.46%, and in the past 24-hours, WAX’s price has grown by 3.12%.
Although the bulls have prevailed against the bears in the past 7-days, the trend may not continue for a longer period of it. The fall in the growth rate for WAXP in the past 4-hours suggests that the bulls have started losing their fuel.
The 3.12% growth rate in the past 24-hours means that the bulls are now losing their buying power. However, if the bulls are able to increase their buying power, they may be able to push WAXP’s to $0.37.
Although it may prove to be a difficult journey for the bulls if they are able to increase the growth rate, then WAXP may grow up to $0.44. For the bulls, the major challenge would be at the $0.44 figure, which is the second strong resistance mark.
If the efforts of the bulls push the bears out of the competition, then WAXP’s price may manage to grow all the way up to $0.54.
However, if the bulls are not able to sustain the pressure from the bears and they end up giving in, then WAXP’s price may plummet to $0.30. The first strong support mark for WAXP is represented by the $0.30 figure, but the second strong support mark may be in sight of the bears.
If the bears keep their efforts directed into the negative zone, then more investors may continue losing their confidence. The RSI for WAXP may also end up traveling deeper into the territory that would be productive for the bears.
If the moving averages start supporting the bears, then WAXP’s price may dip to $0.24. If the plunge continues, then the price of WAXP may end up dropping to $0.17, which is the third strong support mark.
The bears currently have more resources than the bulls and this may result in pulling the price of WAXP lower.