Supply zones: $0.96, $0.99, $1.04
Demand zones: $0.83, $0.75, $0.64
WAN/USD Medium-term Trend: Bearish
The downward movement of the WAN/USD was interrupted at the demand zone of $0.83 yesterday by the bullish force and the price could not break out the demand zone of $0.83. The price was pushed up by the formation of the bullish engulfing bar at the demand zone of $0.85.
The bullish pressure moved the price towards the supply zone of $0.96.The bulls pressure was lost and the bears took over the market; this was confirmed by the formation of an upper long wick bullish candle at the supply zone of $0.96.
The price is below the 10-day EMA and 50-day EMA The 10-day EMA has crossed the 50-day EMA downward. The stochastic oscillator 14 is above 20 levels and ist signal lines point downward, thus signaling a downward movement.
A breakout of the price at the demand zone of $0.83 would expose the price to lower demand zone of $0.75. However, the 4-hour opening candle formed today at the demand zone of $0.86 was a bearish candle which connotes downtrend movement.
WAN/USD Short-term Trend: Bearish
The price could not break the supply zone of $0.96 and moved down to the south.WAN is bearish in the short-term outlook. The coin made a downward movement towards the demand zone of $0.83 with the formation of massive bearish candles after a rejection from the supply zone of $0.96 with the formation of bearish engulfing bar candle.
Currently, the Price is toward the demand zone of $0.83.The price is below 10-day EMA and 50-day EMA with the MACD below zero regions with signal lines Pointing downward which indicates sell signal. Traders should be patient in taking position to avoid wrong decision.