Waltonchain Price Analysis: WTC Continues to Trade Sideways But is the RSI Indicating a Potential Bullish Run?

  • Waltonchain has been trading in a narrow sideways passage for the previous 2 months.
  • The market is resting at strong support around the $3.30 handle.
  • The RSI in both WTC/USD and WTC/BTC markets are heavily favoring the buyers at this moment in time.
  • Support moving forward: $3.30, $3.00, $2.66, $2.28, $2.08, $2.00, $1.81.
  • Resistance moving forward: $3.76, $4.00, $4.21, $4.77, $5.00, $5.58, $6.68, $7.23, $8.01.

Waltonchain has seen a price increase totaling 2.83% over the past 24 hours of trading. The cryptocurrency is now exchanging hands at a price of around $3.35 after seeing a 7-day price hike totaling 9.99%.

Waltonchain is presently ranked 57th in terms of market cap rankings with a total market cap value of around $134 million. The 14-month old coin is trading at a value that is 92% lower than the all-time high price.

Let us continue to assess market action for WTC/USD over the long term.

Waltonchain Price Analysis

WTC/USD – LONG TERM – DAILY CHART

Analyzing the market data from the long-term outlook, we immediately see that Walton has been consistently falling since placing its all-time high price in January 2018.

The WTC/USD market decline continued until support was found at a long-term downside 1.272 Fibonacci Extension level (drawn in purple) priced at $2.13 during August 2018. As the market reached this level of support, the buyers stepped in to halt the decline and then the market proceeded to trade sideways.

Let us continue to take a closer look at the recent sideways movement within the WTC/USD market.

WTC/USD – SHORT TERM – DAILY CHART

Looking the market from the benefit of a closer time horizon, we can observe that the support at the long-term downside 1.272 Fibonacci Extension level was further supported by another shorter-term downside 1.414 Fibonacci Extension level priced at $2.08.

As WTC/USD approached this area the buyers began to reverse the downtrend, causing price action to rally.

We can see that the market rallied from a low of $1.8179 on August 14, 2018 to a high of $3.6778 on August 31, 2018. This was a price increase totaling 214% from low to high. As WTC/USD reached the high, it met resistance at the long-term .886 Fibonacci Retracement level (drawn in red) priced at $5.5806 which caused the market to pull back.

After rolling over, WTC/USD continued to decline during September 2018 until further support was found at the short-term .786 Fibonacci Retracement level (drawn in green) priced at $2.6642. This area of support proved to be significant as it held the market through both September and October 2018.

WTC/USD is now trading at resistance marked by the short-term .618 Fibonacci Retracement level (drawn in green) priced at $3.30.

Moving forward, in our bullish scenario, if the buyers can step on the accelerator and push price action above the resistance at $3.30, WTC/USD will encounter immediate resistance above at the short-term .5 and .382 Fibonacci Retracement levels (drawn in green) priced at $3.76 and $4.12.

The 100-day moving average is hovering slightly above the $4.00 handle which further adds to the expected resistance in the area.

If the bulls can then continue to push price action higher, more resistance is then expected at the long-term .886 Fibonacci Retracement level (drawn in red) priced at $5.58. Price action had failed to break above this resistance during August and September 2018, so significant momentum will be required to overcome this level.

If the buyers can then manage to climb above the $5.60 handle, further higher resistance can be located at the 1.272 and 1.618 Fibonacci Extension levels (drawn in purple), priced at $6.68 and $8.01 respectively.

Alternatively, in our bearish scenario, if the sellers cause WTC/USD to head lower, immediate support below can be located at the short-term .786 and .886 Fibonacci Retracement levels (drawn in green), priced at $2.66 and $2.28 respectively.

Further support below this level can be expected at the downside 1.272 Fibonacci Extension level priced at $2.08, followed by the August 2018 low priced at $1.81.

The RSI is currently producing a reading that indicates that the bulls are in control of the momentum as it currently trades above the 50 handle.

Let us continue to analyze price action for Walton relative to Bitcoin over the long term.

WTC/BTC – LONG TERM – DAILY CHART

Assesing the WTC/BTC market from the longer term, we can see that price action had also been consistently declining until WTC/BTC had met support at a downside 1.618 Fibonacci Extension level (drawn in blue) priced at 3,094 SATS. This support level was significant enough to cause the bulls to defend the area, which aggressively caused a price surge.

Let us take a look at this price surge a little closer and highlight any areas of potential support and resistance.

WTC/BTC – SHORT TERM – DAILY CHART

Analyzing the market a little closer, we can see that the price surge began at a low of 3,103 SATS on August 14, 2018 and continued to a high of 7,997 SATS before rolling over.

We can see that the market had then pulled back during September 2018 until support was found at the short-term .786 Fibonacci Retracement level (drawn in green) priced at 4,144 SATS. This area continued to support the market through October 2018 as well.

The market is now trading just above support provided by the previous downside 1.414 Fibonacci Extension level priced at 5,150 SATS.

Moving forward on the bullish side, if the buyers can continue to push the market higher, then immediate resistance above will be located at the .5 and .382 Fibonacci Retracement levels (drawn in green), priced at 5,548 SATS and 6,127 SATS respectively.

If the bullish momentum can cause price action to continue and climb above the 8,000 SATS handle, then further higher resistance can be expected at the 1.272 and 1.414 Fibonacci Extension levels (drawn in purple), priced at 9,367 SATS and 10,056 SATS respectively.

The final level of short-term resistance to highlight is the 1.618 FIbonacci Extension level (drawn in purple) priced at 11,060 SATS.

On the other hand, in our bearish scenario, if the sellers pressure price action below 5,000 SATS, then immediate support beneath can be expected at the .786 and .886 Fibonacci Retracement levels (drawn in green), priced at 4,144 SATS and 3,653 SATS respectively.

The final area of support beneath to highlight is the previous long-term downside 1.618 Fibonacci Extension level (drawn in blue) priced at 3,094 SATS.

The RSI in this market is also providing heavy favor toward the bulls as the RSI remains above the 50 handle.

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