$WAXP is still actively monitored by the contributors of @WAX through the #SocialMining program by @DAO Labs . The events of this week demonstrate that lower supports are retested, and this market behavior is highlighted as cautious, yet organized.
After the unsuccessful attempt to test the previous support level last week, the asset has retraced and is hovering around the even deeper support. There is still no deep reversal signal installed, so the risk of a further decline is present, especially without the support of benign macro conditions. The previous level of support is currently more shaped as a resistance area, which puts an additional burden on the next breakout attempt.
Through the Social Mining perspective, the participants of the #WAXHub are interested not solely in the price fluctuation in the short term but pay attention to the behavior of users, governance signals, and changes to the ecosystem as a whole. This dimensional view is the secret to distinguishing signal and noise in unstable conditions.
Instead of following the conventional TA, contributors are crowdsourcing real-time insight to determine whether the existing price compression points towards accumulation or exhaustion. $WAXP is in a precarious situation, and Live Social Mining data will be instrumental in discovering whether the momentum can be regained or whether additional retracement is in the offing.
