When looking at the current cryptocurrency charts, there isn’t much to be excited about in the top 20. Most currencies are down in value by some degree, which means profits will need to be scored elsewhere. WAX Probes to be well worth keeping an eye on right now, as its immense bull run continues without missing a beat.
WAX Price Trend Remains Intact
Although very few people actively discuss WAX or its price movement over the past week, this altcoin has seen a massive uptrend. Its value has risen steadily in the past few days. Even a minor setback roughly a week ago couldn’t disrupt this prolonged uptrend, which makes the altcoin all the more interesting to keep an eye on at this stage.
Over the past 24 hours, there has bee another 14% WAX price increase. This is fueled primarily because of a 15% gain on Bitcoin and a 17% improvement over Ethereum. Gaining on the world’s leading cryptocurrencies is often a bullish sign for any altcoin, albeit they will not come more bullish than WAX, by the look of things.
One thing that may be somewhat worrisome is how WAX has very little trading volume. Just $1.4m in volume is rather disappointing for a currency currently ranked 65th by market cap. Most of that volume comes from Bittrex and Bithumb, two platforms which can generate a fair bit of volume at this time. Interestingly enough, WAX is also traded on Huobi and Upbit.
Although pump-and-dump groups on social media should never be followed blindly, The Signal’s predictions are coming true in spectacular fashion Since Wax’s uptrend began, the altcoin has reached four out of five signal levels in quick succession without major problems. Reaching 1.950 Satoshi may be a stretch too far, for the time being.
— The Signal (@thesignalio) November 8, 2018
Those who take a more TA-based approach to altcoin trading might be looking to cash out fairly soon. Although these current gains have been spectacular in their own right, a correction will happen sooner or later. Most of these gains can be easily wiped out with a small bit of volume, thus there is no reason for taking any unnecessary risks whatsoever.
— Crypto Market Flow (@cryptomarketflw) November 8, 2018
All of the current indicators seem to hint at a further WAX price increase Peaking at $0.125 is possible, although traders first need to surpass the resistance at $0.11. That will be an interesting challenge in its own right, primarily because there will be plenty of profit taking at this current level. Even so, WAX will remain worth watching for some time to come, even when not trying to make any profit by trading this currency.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.