Lorenzo Stroe
Independent Analyst
- After a massive bull run to $0.088, WAX has started consolidating and has dropped to $0.057.
- WAX can still defend the daily 26-EMA but has lost the 12-EMA.
The WAX bull run is paused as bulls couldn’t handle the selling pressure around $0.08 and the price dropped to a low of $0.057, the current price at the time of writing. Bulls have lost the daily 12-EMA at $0.0641 and they are looking to defend the daily 26-EMA at $0.0547.
WAX/USD daily chart
 (1)-637274965468805830.png)
The daily chart is not looking too great for WAX as most of the gains are now lost in a violent consolidating move. During the past three days, bears have taken over and managed to drop WAX by more than 35%.
The daily 26-EMA at $0.0547 will serve as the next support level. The daily RSI is extremely oversold and could help the bulls in the short-term but the bearish momentum is strong.
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