Wanchain (WAN) Provides Positive Breakout Above $0.42 Amid Downfall In Overall Market Conditions

Wanchain is expected to sustain its bullish momentum with a potential target of $0.80
  • Wanchain price levels performed positively during the current market session while most of the cryptoassets plunged severely 
  • The WAN/ETH pair also performed positively with an overall gain of 1.58% bringing the current level to 0.0003384 ETH
Source: Tradingview

The technical chart of Wanchain placed on the 11-Day timeframe on the candlestick forms a symmetrical triangular pattern on the chart suggesting that the price levels have formed lower highs and upper lows from the past six months. During the past year, the price levels tested the critical resistance mark of $0.60 plotting the peak of the triangle. The cryptocurrency faced severe corrections after the testing allowing the critical support level of $0.20 to come into play. The support level did provide positive bounceback to the levels but faced multiple rejections from $0.45. During the current market session, the CMP was placed at $0.4299 with an overall gain of 2.10% bringing the market capitalization to $70,689,564 resulting in a gain of 3.37%. The 24-hour volume traded has reached $14,105,213 causing a fresh surge of 232.64%. 

Source: Tradingview

On the moving averages, 20-EMA is currently looking for the potential to have a positive crossover against 50-EMA. If the positive crossover is witnessed in the upcoming trading sessions, the price levels can have a positive breakout from the symmetrical triangle providing bullish signals in the market.  

Source: Tradingview
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Another aspect that can be taken into consideration is the multiple testing of the upper range of the symmetrical triangle. The rigorous testing of the upper range can make the resistance level weak which can develop an entry point for the bulls. For the upsides, resistance levels are drawn at $0.58 and $0.85, respectively. On the contrary, if the price levels face a negative breakout from the pattern, the support level of $0.32 could be a determining factor for the further price action of the cryptocurrency

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Krystian Bielanskihttp://www.thecoinrepublic.com
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.

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