WagyuSwap Price Explodes by 38% Over Last Day, Will Bulls Power Through?

WagyuSwap describes itself as the the First DEX (decentralized exchange) to be built on the fastest blockchain known as Velas. WAG aims to offer swapping solutions better than Uniswap or SushiSwap as it is built on a much faster blockchain. Since their token release last week, WAG has gained a significant amount of traction as the number of watchlists that added WAG on CoinMarketCap is nearing 800,000.

This is very impressive as most coins have less than 500,000 adds to watchlists. After a large downfall the past few days, WAG has rebounded tremendously over the last 24 hours as its up nearly 1000% on the USD pair.

While viewing the chart, keep in mind this is the WETH pair. Viewing the last week of data, we can see WAG was in a downtrend until it hit a bottom yesterday around 0.0001451 WETH. Since then, prices have risen nearly 40% In just over a day. This is an impressive rebound as WAG still is just gaining traction.

At the time of writing, WAG has just reached its short term downtrend line. This trend is also near a major resistance level of 0.0002175 WETH. If bulls manage to break & hold this level, expect WAG to reach the given targets.

WagyuSwap Price Analysis: WAG/WETH 30 Min Chart

At the time of writing, WAG is attempting to hold a major support zone of 0.0002045 WETH. If this level fails to hold, we should expect WAG to fall down to its next major support level of 0.0001873 WETH. This area was resistance for much time & should act as a hard bounce area. In the case bulls fail to hold this level, WAG may be in for a further fall to its next major support of 0.0001629 WETH. If this occurs, WAG will also break below its 10MA which has held as support the entire run up throughout the last day.

While looking at the Stochastic RSI, we can conclude strength is severely overbought. Strength has been riding within the overbought territory for nearly 20 hours now. If strength breaks back below the 80 value (which is likely), expect price to fall to the next major support.
The MACD seems to be curling over as the histogram has started heading back to the 0 value. The MA’s must hold this mark to save WAG from further downfall.

WAG Intraday Analysis

Spot rate: 0.0002016 WETH
Trend: Bullish
Volatility: High
Support: 0.0001873 WETH
Resistance: 0.0002175 WETH

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Domenic

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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