🪜 $WAXP: Climbing Steps? Analyzing the Current Movement
WAX (WAXP) is following an interesting technical pattern today: it makes a strong stretch of 20% to 30%, pulls back a bit, and enters sideways movement on the 1h chart. 📈➡️
What does this tell us?
Profit Consolidation: This "sideways movement" after the rise shows that the market is absorbing the sales from those who made quick profits, keeping the price at a higher level.
Base Creation: If it holds this current support on the 1h, we are forming the next step for a new attempt at a rise. 🧱
Decreasing Volume: Generally, when the volume calms down in the sideways movement and suddenly starts to rise again, it is a sign that the next movement is coming.
My view: The movement shows strength, but requires patience. It is not the time for FOMO; it is time to observe if the base of the "step" will hold the price. 🧐💎
And you, what did you think of the analysis or do you want to know about its support zones now? Comment below! 👇