• The short-term outlook is in a bullish trend while the medium-term outlook is in a range-bound market.
• Patience is required in trading the consolidation.

WAN/USD Medium-term Trend: Ranging

Supply zone: $0.7000, $0.8000, $0.9000
Demand zone: $0.3000, $0.2000, $0.1000

WANUSD is in a range-bound market in the medium-term outlook. $0.4724 in the supply area was the high while $0.4192 at the lower demand area was the low as the cryptocurrency continues consolidation. The bulls gradually took over the market toward the end of yesterday session with price up at $0.4548.

The momentum to the upside continues as the market opens today breaking the two EMAs with price up at $0.4633 in the supply area. The signal of the stochastic oscillator points up at 72% and price above the two EMAs. These suggest an upward momentum in price of the cryptocurrency in the medium-term.

WANUSD is in consolidation and trading between $0.5000 in the upper supply area and at $0.4200 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken

WAN/USD Short-term Trend: Bullish

The short-term outlook of the cryptocurrency is an uptrend. The 1-hour opening candle at $0.4400 showed the bulls dominance in the market. WANUSD rose initially to $0.4591 and later to $0.4706 in the supply area breaking the resistance at the two EMAs.

The journey up north remains valid with the signal of the stochastic oscillator pointing up at 90% in the overbought region.

$0.4950 in the supply area is the bulls’ initial target as the momentum to the upside increases.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.