WAXP price has popped. Is WAX a good crypto to buy?

WAXP price has popped. Is WAX a good crypto to buy?

By Crispus Nyaga - min read

The WAXP price has done well in the past few days as investors cheer the platform’s growth in the DeFi and gaming industry. WAX is trading at $0.11, which was the highest level since June 27th this year. It has surged by more than 46% from its lowest level in June, bringing its total market cap to over $231 million.

Why is Wax soaring?

WAX is a leading blockchain project that is in the gaming industry. The platform provides all features that developers need to build blockchain services, games, decentralized exchanges, and NFT products. As such, developers of all industries can easily build their products using its WAX Blockchain features.

According to its website, WAX has more than 13 NFT collectors in its ecosystem. These people use the WAX Cloud wallet, which makes it easier for people to buy, collect, and store products in its ecosystem. WAX is used by popular brands like Hasbro, AMC, Atari, and Mattel. 

Read our review of Capital.com.

The WAXP price has risen in the past few days as investors react to the launch of the WAX DeFi platform. This is a platform that provides yields to participants that are based on real economic activity across the WAX ecosystem. 

According to its website, it has a total value locked (TVL) of over $5.8 million, which is remarkable since it is just a few weeks old. Also, the network was launched in a period when both DeFi and other blockchain projects has declined following the turmoil in other platforms like Voyager Digital and Celsius.

WAXP price prediction 

WAXP, like other cryptocurrencies, has had a tough time in the past few months as the cryptocurrencies unravel. On the daily chart, we see that the coin has crashed by more than 90% from its all-time high. The coin remains below the lower side of the descending triangle pattern that is shown in red. 

Recently, however, the coin has made some recovery. It has managed to move above the 25-day moving average and is now approaching the 50-day MA. At the same time, the coin’s Stochastic Oscillator has moved above the overbought level.

Therefore, there is a likelihood that the coin will keep rising as investors target the key resistance point at $0.15. This price is about 40% above the current level. A drop below the support at $0.08 will invalidate the bullish view.