Waltonchain WTC’s Latest Consolidation is Likely to End by a Wild Move

Krystian Bielanski
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.
  • Bitcoin’s sharp fall under $10,000 had prompted bearish sentiment for altcoins, particularly in the initial week of September
  • WTC is trading above 20 ema on a weekly timeframe which is a good sign for an uptrend in coming weeks and months
  • Looking at the 12-hour time frame, WTC looks bearish

Bitcoin has started to surge higher despite instability in the global markets. The leading cryptocurrency is currently at $10,500, above its resistance of $10,400. Despite Bitcoin reaching lower support of $9,800 earlier this week, the market is all set to witness another wave of selling pressure as indicated by data of bitcoin moving into exchanges. The altcoin market has continuously reflected bitcoin’s price actions. 

Bitcoin’s sharp fall under $10,000 had prompted bearish sentiment for altcoins, particularly in the initial week of September. The month of September known for its curse over bitcoin’s price growth. Not just vital cryptocurrencies but some least known crypto’s also witnessed movements amid bitcoin’s recent fall and recovery. 

The month September was witness to Waltonchain’s (WTC) strong correlation with bitcoin, with WTC’s value dropping by over 14 percent since the start of the month. However, in the long term, the asset may record a bit of bullish force as it has been trading within the range of $0.47 – $0.54 since the start of the month. The month of August was not less than a treat for Waltonchain community, WTC peaked to above $0.70 for the first time after March crash. However, the move above $0.70 wasn’t supported by bulls and the coin started a downside correction.

At the time of writing, WTC was being traded at $0.52, while registering a market cap of $33 Million. The slight bearishness in WTC’s price was visible on the 24-hour chart while registering a trading volume of $3.5 Million.

Waltonchain Price Analysis

WTC is trading above 20 ema on a weekly timeframe which is a good sign for an uptrend in coming weeks and months.

MACD on daily is close to cross but no confirmation yet. WTC on daily is trading under resistance and for now, it indicates that resistance is still hard to break, the candlestick formed a shooting star which is bearish.

If bulls don’t push it above resistance, WTC will trade under 200 ema within this triangle. worst case it could retrace to the lower support of the trendline. Everything depends on a daily close, for now, we might see small retracement and then a breakout. If bulls manage to go above the resistance we have few levels of interest 685 satoshi, 811 and 978 sat.

Looking at the 12-hour time frame, WTC looks bearish. It should close in about 9-hours, so retrace is expected soon.

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