WAN price rises 7.01%, testing key resistance at $0.1213 amid falling wedge breakout attempt.
Weekly chart shows a clean downward structure nearing wedge apex with volume picking up.
If sustained, breakout could mark a long-term shift in WAN’s market trend heading into Q3.
Wanchain (WAN) is currently trading at $0.1160 after gaining 7.01% in the past 24 hours. The price increase comes as the asset moves toward the upper boundary of a clearly defined falling wedge structure. According to the weekly chart, this pattern has developed steadily since early 2024, showing consistent lower highs and lower lows.
The wedge began forming after the asset peaked in the first half of 2024. Since then, the price has continued compressing and is now nearing a key technical point. Analysts have pointed to the current breakout attempt as significant, based strictly on the pattern’s structure. Volume data supports increased market activity, as WAN recorded 24-hour trading volumes of 29.77 million WAN and 3.50 million USDT, respectively.
https://twitter.com/Cryptobullmaker/status/1942800705837728242 Price Action Moves Toward Resistance at $0.1213
As of the latest session, WAN has tested the $0.1213 resistance level but has not yet made a confirmed close above it. Notably, the asset reached a 24-hour high of $0.1250 while holding its daily low at $0.1069. This indicates growing short-term interest as price continues testing the upper wedge line.
The downtrend wedge is still intact but is approaching its top, showing that a directional movement may be around the corner. The volume action is still an important point to observe, especially since the breakout is occurring close to a previously tested resistance level. Intraday support has been seen at $0.1088, which has been good for a few sessions.
Long-Term Losses Still Dominant Despite Recent Uptick
Despite the recent rise, WAN’s broader performance remains negative, with a six-month decline of 43.80% still in place. As seen on the one-year chart, it has a loss of 29.27%, a loss that is far below its old highs. But, the asset has registered minor gains (1.40% and 1.75%) in the past seven and thirty days, respectively.
These data points offer context to the current price movement, as the breakout occurs against a backdrop of prolonged drawdown. The technical structure, now under close watch, remains key for interpreting near-term price behavior.
Wedge Pattern Still Intact With Lower Highs Clearly Formed
The weekly chart shows the falling wedge’s formation remains clearly intact, with multiple lower highs and lows still defining the pattern. The pattern's consistency suggests that price compression has reached a critical level. Whether the breakout sustains or retreats, the structure now frames WAN’s immediate technical outlook. Further movement will likely depend on price behavior around the resistance level and volume support in the upcoming sessions.
