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Price Analysis

Daily Price Analysis for Wanchain (WAN) – September 17, 2018

Daily Price Analysis for Wanchain (WAN)

Supply zones: $1.01, $1.14, $1.31

Demand zones: $0.93, $0.86, $0.76

 

WAN/USD Medium-term Trend: Bullish

The cryptocurrency lost its bearish pressure after a drop in the price of the coin to demand zone of $0.86. The bulls took over the market; this was confirmed by the formation of a bullish pin bar at $0.86. The price was able to break out the last week supply zone of $0.93 and touched the supply zone of $1.01 before it was rejected by a strong bearish candle.

The 4-hour opening candle today at $0.93 was bullish.

The 10-day EMA has crossed the 50-day EMA upward. The price is on the 10-day EMA and 50-day EMA with the stochastic oscillator 14 at over 70 levels and it signal lines points upward, thus signaling an upward movement.

A breakout of the price at the supply zone of $1.01 would expose the price to upper supply zone of $1. The 4-hour opening candle formed today at the demand zone of $0.93 was a bullish engulfing candle which connotes uptrend movement.

 

WAN/USD Short-term Trend: Bullish

WAN is bullish in the short-term outlook. The cryptocurrency made an upward movement towards the supply zone of $0.93 with the formation of bullish candles after a rejection from the demand zone of $0.86 with the formation of pin bar. The price broke the supply zone of $0.93 and rally to the north.

Currently, the price is up to supply zone of $1.01with the probability of breaking the barrier and expose the supply zone of $1.14 as the price is above the two EMAs crossover with stochastic 14 at the 75 regions with signal lines pointing toward the north.

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