- Wanchain (WAN) which showed great promise at the start of year 2020, has sort of fizzled out after the March crash.
- WAN was one of the top performing cryptocurrencies, thanks to its interrobility with ICON.
- On the weekly time frame for WAN, the Relative Strength Index (RSI) is at 75, indicating an overbrought position.
The lesser-known cryptocurrency, Wanchain (WAN) which showed great promise at the start of year 2020, has sort of fizzled out after the March crash. WAN was one of the top performing cryptocurrencies and , thanks to its interrobility with ICON, it recorded more than 60% surge in February.
The prices of WAN had surged from $0.19 on 31st January 2020 to $0.32 by 4th February. However, WAN’s surge in February was erratic as it marched past key resistance, so sliding down to $0.31 allows the asset to attain healthy correction. Furthermore, the prices of WAN again dropped to a level of $0.21 amid Covid crash. Since then it was trading sideways with no major gains or losses till June. But now it is showing signs of Phoenix rise in the months of July and August and it has so far, been very profitable for the crypto asset, as it reaches a new high of 2020.
WAN is a smart contract platform based on blockchain technology, which has privacy protection and cross-chain functions. The WAN blockchain is based on the Ethereum code. This mainnet went live on January 18, 2018, and added privacy features such as ring signatures, real-time addresses, and seal systems to the top of the smart contract platform.
WAN’s Technical Analysis
On the weekly time frame for WAN, the Relative Strength Index (RSI) is at 75, indicating an overbrought position. There is a possibility of temporary retracement unless bulls have more power to break the resistance of 0.47 cents. WAN bottomed out on 2nd of march and since then it’s been going up slowly over the past month, the most important level to break was 0.32 cents this now turned into a strong support.
The crypto asset holds potential to surge if it breaks major resistance of $0.47, the coin can directly reach $0.77 as there is no barrier between that level. Furthermore, If the coin successfully attained the level of $0.77 the next target would be of $0.93, where it will face major resistance.
Looking on weekly charts, the 20 exponential moving average (ema) is about to cross 50 ema and 100 ema should act as resistance, So, 0.77 aligns well with my first target.
In the daily time frame so far support is holding this uptrend, there is possibility of retracement or more consolidation before it breaks resistance.