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WJXN price analysis: Just launched Wrapped Jaxnet token all set to breach $1.8 resistance zone

Cryptopolitan


Tl;DR Breakdown

  • WJXN price analysis reveals a minimal movement and a tight range
  • Wrapped Jaxnet Token is performing as expected with minor volatility
  • $1.7500 is emerging as a strong support zone

WJXN, or wrapped Jaxnet token, of the Jaxnet network, is up to a good start since the launch. The pair is trading in a reasonably well-defined range allowing the traders to predict the price movement in the charts. The WJXN token is printing fairly predictable patterns on the charts after jumping above $1.29 on the 19th August, which took the price above $1.60 last week.

The WKXN token analysis shows that the pair has touched an all-time high of $2.24 on 15th August. Since then, the token has slipped in value to touch a low of $1.29, but the slip was expected as the initial euphoria comes down. However, unlike other wrapped tokens, the WJXN token is very much trading in an expected range between $1.29 to $1.90 as per WJXN price analysis.

WJXN price movement in the last 24 hours: Gradually building up pace

WJXN price analysis reveals that the token has been moving in a tight range that puts the price between $1.40 to $1.90. The past few hours saw the price moving in the positive direction where the WJXN/USD pair touched $1.70 high after printing successive green candlestick patterns. Also, the number of transactions is constant, but the same is rising in the daily timeframe.

As the Jaxnet platform grows, the transactions are sure to shoot higher. Once the transactions rise, so will the liquidity and the volumes. Currently, the trading volume is at $78,000, and the liquidity stands at $76,000. The token looks set to take charge of the $2.00 resistance once again, according to the current WJXN price analysis.

WJNX/USD hourly chart: Bulls all set to breach $2.00 resistance

Source: DexGuru

The hourly charts are getting lively as the pair posts multiple green candlesticks according to WJXN price analysis. The bulls have been undertaking consistent buying, supporting the pair above the $1.65 support zone. The technical indicators show signs of a renewed growth in the pair, especially in the last 8 hours.

The constant buying action has seen the WJXN’s technical indicators top the overbought mark. The RSI is well above the 70 mark, and so is the MACD indicator, displaying intense buying activity. The price is trading above the 9-day moving average level, which is comforting for the bulls.

WJXN price analysis conclusion: WJXN token on course to unleash its potential

The WJXN token is fully justifying the market hype it received during the launch. The current price trajectory is bullish and on course to breach the $2.00 resistance that has been a formidable wall so far. After the initial euphoria of launch subsides, most altcoins or tokens fade away. However, the WJXN token has shown how the Jax Network is well-built to support an ecosystem where the WJXN token is the biggest winner.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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