WTC Rebounds From Yearly Lows Around $0.87 and Surges to $1.29 – Can the Bulls Power Above $1.50 to Turn the Market Bullish?

  • Waltonchain has recently ran into relatively strong resistance at $1.29.
  • If the buyers can drive price action above $1.50, we can expect the bullish trend to continue further above $2.00.
  • Support moving forward: $1.15, $1.04, $1.00, $0.9295, $0.8737.
  • Resistance moving forward: $1.29, $1.50, $1.89, $2.00, $2.20, $2.51, $2.96, $3.32.

Latest Waltonchain News

The CTO of Waltonchain, Wei Songjie, recently sat down for an interview and shared his perspective on the Waltonchain project.

In the interview, he stated that the integration of blockchain with the Internet of Things (IoT) is a trend that he sees for the future of information technology. This is exactly the problem that Walton proposes to solve.

Wei believes that the combination of blockchain and IoT has the potential to connect everything in the world, not just computers, allowing an interconnected ecosystem to flourish and communicate with one another.

In Wei’s view, blockchain technology is important but a real practical application is required for it to affect the daily lives of everyone. The IoT has the capability to achieve this.

The Walton team has been developing both software and hardware to make this vision a reality. The integration of RFID chips into products will help with traceability and allow users to verify the integrity of the data at hand from start to finish. If the RFID is removed or destroyed, then the trust in the product will be lost.

The Walton development team has made much progress since their last roadmap update for Q3 and Q4. The team has recently released an updated overview of what to expect in Q1 2019 regarding their mainnet upgrade, R&D and their token swap.

Furthermore, Walton has joined the Binance Transparency Initiative to provide solid updates and progress to keep the community informed.

Let us continue to take a look at the latest price action for WTC/USD and highlight any potential areas of support and resistance moving forward.

WTC Price Analysis

WTC has seen a 6.84% price increase over the past 24 hours of trading, bringing the current trading price to around $1.22, at the time of writing. The cryptocurrency has now seen a price surge totaling 29% over the last 7 trading days, which brings the total 30-day deficit down to a price loss of 19.55%.

Walton is now ranked in 75th position in the market cap rankings and holds a total market cap value of $48.71 million.

The cryptocurrency has seen a precipitous price decline totaling over 60% throughout the previous 90 trading days. The 16-month old project now trades at a value that is 97% lower than the all-time high price.

Waltonchain Daily Chart

Taking a look at the market from the short-term perspective above, we can see that Walton was not able to avoid the serious industry-wide market collapse during November 2018. Price action for WTC plummeted toward the $1.00 handle.

WTC/USD eventually broke below the $1.00 handle in December as price action reached support at the medium-term downside 1.414 Fibonacci Extension level (drawn in lilac) priced at $0.87.

We can see that WTC/USD rebounded from this area and began to surge higher until it met resistance at the downside 1.272 FIbonacci Extension level (drawn in lilac) priced at $1.29.

Trend: Bullish Above $1.50

Although Walton may have rebounded slightly, it still has a way to go before we can consider this market to be confidently bullish. We would need to see price action break above the resistance at $1.50 before the market condition turns bullish.

At this moment in time, the market has stopped its previous bearish decline and is now trading in a consolidating manner.

Where is the Resistance for WTC Towards the Upside?

If the buyers can break above the initial resistance at the downside 1.272 Fibonacci Extension level (drawn in lilac) priced at $1.29, we can then expect immediate higher resistance to be located at the bearish .236 and .382 Fibonacci Retracement levels (drawn in red), priced at $1.50 and $1.89 respectively.

If the bulls can continue higher above the $2.00 handle, expect further resistance located at the bearish .5 and .618 Fibonacci Retracement levels (drawn in red), priced at $2.20 and $2.51 respectively.

Where is the Support If WTC Heads Lower?

If the sellers begin to pressure the market lower, we can expect immediate support below to be located at the short-term .382 and .618 Fibonacci Retracement levels (drawn in green), priced at $1.15 and $1.04 respectively.

If the bears manage to cause WTC/USD to penetrate below the $1.00 handle, expect more support to the downside to be located at the short-term .886 Fibonacci Retracement level (drawn in green), priced at $0.9295. This is followed by the previous downside 1.414 FIbonacci Extension level (drawn in lilac) priced at $0.8737.

Conclusion

The vision of Waltonchain is extremely vast and we can expect it to take some time to develop. However, the team has proven themselves to be competent, and as 2019 approaches we can look forward to the upcoming items on their roadmap including their mainnet launch.

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