The $WAXP coin is still under monitoring by the @DAO Labs #SocialMining program, with the newest changes in its price being exposed to the forces of the market pushing it toward lower support. After accruing higher than crucial levels in the past, the price of @WAX has been moving towards lower bands with a bearish momentum.
This action resonates with the general pall of a wobbly market environment, where even quite technically clear setups will fail to hold in the absence of macro support. The recent decline of $WAXP illustrates the balance that exists between the support resilience and the constraint of reduced sentiment. The technical set-up is however educative: should the lower levels be maintained, then a fresh bullish construction may come into being.
The layered action and participation defines the response in the context of the Social Mining #WAXHub . Traders taking advantage of on-chain activity and sentiment indicators cite the necessity to keep an eye on the current horizontal levels amid volatility shaping entry points that can be executed by less risky strategies.
Further in the future, in case of an improvement in the market organization, both in terms of volume inflow and newsflow, the $WAX will again face the resistance levels, regaining strength. In the meantime, strategic scaling and cost improvements are among the priorities of many participants.
Again as usual in Social Mining, Watching charts is only a part of the work, and in this case, learning and active engagement in the community as important events as they unfold is the focus.
