Weekly WAXP Price Analysis

$WAXP , which continues being tracked by @WAX in the @DAOLabs #SocialMining #WAXHub , is now experiencing the price shoving between the main resistance levels after being under the pressure previously. In the recent observations, it appears price action has receded following the attempt to break resistance as suggested in the cautious view point presented last week. A price stabilization of more than the shown resistance will, according to Social Miners analyzing $WAX, set the basis of further advances. Nevertheless, there is a risk of a new downtrend should the entire market mood become poorer or the news window being reputed to the negative. The role of support and resistance identification in trying to find your way around a situation which is uncertain is always emphasized by the WAX Hub contributors as part of the decentralized finance engagement strategies. Instead of depending on guess work, Social Mining frameworks promote systematic study based on common observations made by the community. This goes beyond simply focusing on on-chain measurements but also applicable to the network health of WAX in terms of its interplay with the rest of Web3. In the present case, resistance breakouts monitoring is an advisable measure. The general opinion is that in case the higher resistances are decisively reclaimed by $WAX, a long period of recovery could occur after it. Until such confirmation is achieved, risk management based on controllable entries and exits relative to any recognized price zones must be of utmost importance in making educated decisions when being involved in a blockchain ecosystem.