- The short and medium-term outlook is in a bearish trend.
- Responsible selling at key areas recommended.
WAN/USD Medium-term Trend: Bearish
Supply zone: $0.7000, $0.8000, $0.9000
Demand zone: $0.3000, $0.2000, $0.1000
WANUSD is in the downtrend in the medium-term outlook. The bears’ pressure on price remained strong in the medium-term. $0.4095 was the low of yesterday session as the cryptocurrency show a bearish pennant formation.
Today’s 4-hour opening candle at $0.4331 was bullish, the cryptocurrency was up at $0.4579 in the supply area and lost momentum due to the bearish doji formation.
$0.4204 at the lower line of the pennant saw the bears lost the control of the market to allow for a correction before the imminent drop in the medium-term as confirmed by the signal of the stochastic oscillator pointing down at 35%.
$0.3800 in the demand area is the bears’ initial target as price breaks out from the lower triangle.
WAN/USD Short-term Trend: Bearish
The short-term outlook of the cryptocurrency is a downtrend. The 1-hour opening candle at $0.4224 sustained the brief bullish momentum. WANUSD rose to $0.4569 at the trendline.
The presence of wicks at this area denotes exhaustion of bullish momentum and resistance against upward price movement and subsequently the bears’ return.
With price down at $0.4333, below the two EMAs and the stochastic oscillator signal pointing down at 41%, these imply a downward movement in price of the cryptocurrency with $0.4100 as the initial target.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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