WAX Price Prediction 2021 – Will WAXP Hit $0.50 Soon?

WAX Price Prediction 2021 - Will WAXP Hit $0.50 Soon?
  • Bullish WAXP price prediction ranges from $0.188 to $0.484.
  • The WAXP price might also reach $0.50.
  • WAXP bearish market price prediction for 2021 is $0.091.

In WAXP price prediction 2021, we use statistics, price patterns, ADX, and much other information about WAXP to analyze the future movement of the cryptocurrency

WAX (WAXP) is a purpose-built blockchain that was released in 2017 with the goal of making e-commerce transactions faster, simpler, and safer for all parties involved. The WAX blockchain’s consensus mechanism is delegated proof-of-stake (DPoS). It works flawlessly with EOS.

Current Market Status of Wax (WAXP)

According to Coingecko, the price of WAXP is $0.176 with a 24-hour trading volume of $11,519,417 at the time of writing. However, WAXP dropped to 2.50% in the last 24 hours.

Moreover, WAXP has a circulating supply of 1,695,535,439 WAXP coins. Currently, WAXP trades in cryptocurrency exchanges such as Huobi Global, Upbit, HitBTC, KuCoin, and ZT.

Wax (WAXP) Price Prediction 2021

Wax (WAXP) holds the 175th position on CoinGecko right now. WAXP price prediction 2021 explained below with a daily time frame. 

WAXP/USDT Ascending Triangle Pattern (Source: Tradingview)

An ascending triangle is considered a continuation pattern, which means that it is significant whether it occurs during an uptrend or a downtrend. When the price breaks out of the triangle, traders tend to buy or sell the asset aggressively, depending on which direction the price broke out.

Currently, WAXP is waving at $0.176. After this, WAXP may continue to fall or rise according to the breakout. With this pattern, WAXP will violate the upper trendline reaching $0.188 soon. If the trend reverses, then the price of WAXP may fall to $0.091.

Wax (WAXP) Support and Resistance Level

The below chart shows the support and resistance level of Wax (WAXP). 

WAXP/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it is observed that the following are the resistance and support level of WAXP.

  • Resistance Level 1 – $0.188
  • Resistance Level 2 – $0.304
  • Resistance Level 3 – $0.484
  • Support Level 1 – $0.091
  • Support Level 2 – $0.075

The chart depicts the both bullish and bearish performance of WAXP over the previous month. However, this trend will break out and reach the resistance level at $0.188. On the contrary, if the trend reversed then WAXP might fall to $0.091 presenting a bearish signal.

Wax (WAXP) Average Directional Index (ADX)

Let us now look at WAXP’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

WAXP/USDT ADX (Source:TradingView)

The above chart represents the ADX of WAXP with the range at 55.88, so it indicates a very strong trend.

Conclusion

The WAXP is one of the cryptos which is great for long-term investment. In addition, short-term WAXP price prediction will be bullish, until the breakout. But, it has a good chance of reaching $0.484 this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the WAXP ecosystem, the performance of WAXP would rise reaching $0.484 very soon. But, it might also reach $0.50 if the investors believe that WAXP is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

Recommended for You

A devoted content specialist who is inquisitive on exploring crypto and blockchain technology. She is fond of providing innovative contents that tugged her to write for NewsCrypto.