The WAXP price has rebounded sharply in the past few days. The Worldwide Asset Exchange (WAX) price is trading at $0.6410, which is about 56% above the lowest level last week. Its market capitalization has risen to about $1.2 billion, making it the 87th biggest cryptocurrency in the world.
WAX is a carbon-neutral blockchain project that mostly focuses on the non-fungible token (NFT) industry. It has created a friendly ecosystem that enables people to create, buy, sell, and trade virtual and physical products in the world. In the past few months, it has facilitated millions of NFTs in its ecosystem. It also created a product known as vIRL NFTs that have different features from the convectional NFTs.
The WAXP price jumped sharply between October and November as investors cheered the growth of the NFT industry. It then declined by as much as 60% between November and the past weekend. So, what next for the token?
The four-hour chart shows that the WAX price declined to a low of $0.4130 on Friday. This price was between the 61.8% and 78.6% Fibonacci retracement levels. Now, the coin has bounced back and moved slightly above the 50% retracement level. It has also moved slightly above the 25-day and 50-day moving averages.
However, a closer look shows that this bullish rebound has found some resistance in the past few hours. Therefore, we still believe that the coin will bounce back in the next few days as investors target the 38.2% retracement level at $0.86. On the flip side, a drop below $0.55 will invalidate the bullish view.
This post was last modified on %s = human-readable time difference 07:14