TradeCityPro | WAL: Squeezing Tight Before the Breakout👋 Welcome to TradeCity Pro!
In this analysis, I want to review the WAL coin for you. This coin belongs to the Walrus project, which is part of the SUI ecosystem and falls under the DePIN and Storage categories.
⚡️ After its airdrop, this project’s token has managed to maintain its hype and, with a market cap of $589 million, is currently ranked 97th on CoinMarketCap. Since this token has just recently launched, the analysis will be done on the 4-hour time frame.
⏳ 4-Hour Time Frame
As you can see in the 4-hour time frame, after this token’s launch on March 27, the price has formed a low and a high at the 0.3899 and 0.5903 zones respectively. It is still trading between these two levels and has yet to start a clear trend.
✔️ Currently, a descending triangle has formed. The price is forming lower highs, while maintaining equal lows, and each time the price touches these lows, the probability of a breakdown from the triangle increases.
📉 So, for a short position, I suggest definitely having a position open if the 0.3899 zone breaks. You can open this position earlier by entering on a rejection from the descending trendline or the break of 0.4101, but keep in mind that these are not the main triggers—they're just early entries in anticipation of a breakdown, so you’ll have a position ready if the zone breaks.
🔼 For a long position, the first high formed was at 0.4362. The price is currently above this level, but the breakout candle isn’t very strong, and the price hasn’t confirmed stabilization above this level yet. Also, this zone is very close to the descending trendline, so it’s not logical to enter a long position while this trendline remains unbroken.
📈 Therefore, for a long, wait for the break of the descending trendline and a pullback to this dynamic level before entering. The next triggers for upward movement are the 0.5167 and 0.5903 zones.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
