WAX Price Analysis: WAXP Bull Run Has Gained Steam. What Next?

Summary:
• The WAX price has been relatively steady in the past few days. The Worldwide Asset Exchange price has jumped to an all-time high of almost $1

The WAX price has been relatively steady in the past few days. The Worldwide Asset Exchange price has jumped to an all-time high of almost $1. This means that the coin has risen by more than 1,000% from its lowest level in July this year. 

This rebound has brought the total market cap of WAXP to more than $1.7 billion. This makes it the 93rd biggest cryptocurrency in the world. It is sandwiched between Compound and Qtum. 

For starters, WAX is a relatively popular blockchain network that is in the non-fungible token (NFT) niche. This is one of the fastest-growing industries although some analysts believe that it is a fad. The industry simply lets people create and sell digital items globally. 

The Worldwide Asset Exchange has more than 400k daily users from around the world. It handles more than 15 million transactions per day. 

The WAXP price is rising as investors cheer the rising number of brands in the network. For example, the developers announced that they were launching a Blockchain Brawlers NFT collection on Binance. Major toy companies like Mattel and Hasbro have also launched their NFTs on WAX.

WAX price prediction

Last week, I wrote that the WAXP price would likely keep rising. In the article, I noted that the coin had formed a cup and handle pattern, which is one of the most reliable continuation patterns. This view was correct as the coin has rallied sharply recently. It is trading a few points below the psychologically important level of $1. 

WAX price has also moved above the upper level of the cup at $0.3415. It has also risen above the key resistance level at $0.5030, which was the highest level in August. Therefore, the price will likely keep rising as bulls attempt to move above $1. This view will be invalidated if the price falls below $0.5.