Wanchain prices are bottoming up. WAN/USDT bulls are aiming for Apr 2021 highs at $2.6. TrustSwap, on the other hand, is under pressure as long as SWAP/USDT is below $5.
TrustSwap (SWAP)
This DeFi protocol differentiates itself with cross-chain token swap, split payments, and subscriptions.
For decentralized governance, SWAP into the picture.
Past Performance of SWAP
SWAP prices are under pressure. On the last day, SWAP is stable versus the USD but in red against both ETH and BTC.
Nonetheless, SWAP/USDT technical analysis points to strength.
However, for trend continuation, SWAP trading volumes ought to expand. It is currently down roughly eight percent to $5.2 million.
Day-Ahead and What to Expect
Overly, SWAP prices are firm as SWAP/USDT candlestick arrangement in the daily chart shows. SWAP/USDT is under pressure.
The immediate support is at $3.4, while resistance lies at $5.
In an M-formation, bulls have failed to breach $5 and chart to new territories.
SWAP/USDT Price Forecast
Aforementioned, SWAP buyers are in control.
The main buy trigger stands at $5. If broken—ideally with high trading volumes—SWAP/USDT may soar to $7—the 1.618 Fibonacci extension level of the Q1 2021 trade range.
If SWAP/USDT bears take over, forcing prices below the 38.2 percent Fibonacci retracement and $3.2, SWAP may shrink to $2.2—Mar 2021 lows.
Wanchain (WAN)
The interoperable platform, supporting DEXes, lending protocols, and more, uses WAN as its native currency.
Past Performance in WAN
WAN is up 10X year-to-date, adding six percent week-to-date against the USD.
However, it is struggling versus ETH—losing 17 percent. At spot rates, there is demand for WAN.
This, in return, is keeping prices higher. On the last trading day, average daily volumes rose 85 percent to $35 million.
Day-Ahead and What to Expect
In Apr 2021, WAN fell 40 percent from peaks to around the 61.8 percent Fibonacci retracement level of the Jan to April 2021 trade range. WAN/USDT price analysis suggests a possible buy trend continuation pattern.
The three-bar bullish reversal pattern of Apr 24 to 26 has been confirmed. WAN has resistance at Apr 2021 high at $2.6.
WAN/USDT Price Analysis
WAN/USDT price action indicates support for buyers.
Accordingly, aggressive traders appear to be loading the dips.
Following the reversal from the 61.8 percent Fibonacci retracement, the subsequent confirmation of the three-bar bullish reversal pattern may see WAN bulls drive prices to $2.6—April 2021 high, as aforementioned.
Contraction below the middle BB and $1.5 could see WAN prices dump to $1.
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Source: https://www.cryptoknowmics.com/news/trustswap-swap-and-wanchain-wan-technical-analysis-what-to-expect