Waltonchain (WTC) ready for bounce
Long term play for WTC is looking good for 50% returns or more.
Pretty simple chart. Current price action followed a well defined downtrend channel. I hesitate to call it a bull flag because it fully retraced to previous low. However, support zone around 2550 sat has held steady again, and it looks ready for a reversal. After reversal, look for choppiness on the way back up, especially around 4080 zone.
Next major zone of resistance is around 5630 sat, for possible 100% increase in price but slow and steady, rather than big pump. Look for a bit of sideways movement along the current line of support, and again at 4080 zone. Keep an eye on the price as we approach May 30th. See news below.
When price reaches 5630 zone of resistance, it would be the fifth test for this level. More tests we get, more of a chance we have of a breakout. Lot of potential on this long term play.
News:
May 30th, WTC's fully operation mainnet will release their code as open source, per WTC official Twitter channel.
There will also be a token swap, probably within the next three months. So keep an eye for that happening as well.
***
Caveat:
Keep in mind levels of support and resistance are not exact levels. Be sure to also consider the areas slightly above and below each support and resistance level to create a zone.
Pretty simple chart. Current price action followed a well defined downtrend channel. I hesitate to call it a bull flag because it fully retraced to previous low. However, support zone around 2550 sat has held steady again, and it looks ready for a reversal. After reversal, look for choppiness on the way back up, especially around 4080 zone.
Next major zone of resistance is around 5630 sat, for possible 100% increase in price but slow and steady, rather than big pump. Look for a bit of sideways movement along the current line of support, and again at 4080 zone. Keep an eye on the price as we approach May 30th. See news below.
When price reaches 5630 zone of resistance, it would be the fifth test for this level. More tests we get, more of a chance we have of a breakout. Lot of potential on this long term play.
News:
May 30th, WTC's fully operation mainnet will release their code as open source, per WTC official Twitter channel.
There will also be a token swap, probably within the next three months. So keep an eye for that happening as well.
***
Caveat:
Keep in mind levels of support and resistance are not exact levels. Be sure to also consider the areas slightly above and below each support and resistance level to create a zone.
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