The development team at @WAX keeps monitoring $WAXP as part of the social mining program led by DAOLabs. We can see this week that markets are responding slowly and in an organized way by returning to lower support points.
Since last week, the failure to recover the prior level caused the asset to drop and reach support once more. Currently, since there isn’t a clear reversal signal, a further pull-down could be possible, mainly with unfavorable economic conditions. Because of the previous support level, the current resistance zone means that new attempts at breakthroughs are significant.
According to #SocialMining , #WAXHub participants pay attention to short-term gains as well as user actions, changes in governance, and all kinds of updates in the ecosystem. Looking at things from this approach is very helpful in differentiating important signals from random fluctuations.
Since TA alone is insufficient, experts are relying on live market data to decide whether the tight spread we see now is a sign of accumulation or lack of demand. As $WAXP ’s position is still tricky, continued observation of Social Mining results will indicate if it can continue to advance or if it will fall once more.
