Polkastarter and Wanchain are dangling in the face of liquidation, losing a ballpark 80 percent from H1 2021 peaks. Still, WAN/USDT may recover to $1.15 as POLS/USD bounces back to $2.5.
The interoperable blockchain Wanchain is an Ethereum fork. Its native currency is WAN.
Past Performance of WAN
Like most coins, WAN has been pulverized, as price action in the daily chart reveals.
At press time, WAN is down 12 percent versus the USD and down five percent against ETH and BTC, sliding 80 percent from H1 2021 highs.
Fleeting closely at the primary support level, WAN buyers stand a chance if there is demand, driving prices above the middle BB.
Day-Ahead and What to Expect: Wanchain
Technical candlestick arrangement points to weakness.
WAN/USDT is down and has support at the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range.
Main reaction points stand at $0.75, the middle BB, and $1.15.
A close above the 20-day moving average may drive WAN towards $1.15 in a buy trend continuation.
WAN/USDT Technical Analysis
Albeit market confidence, WAN prices are at a precarious position.
Sharp, high volume losses below $0.75 lets loose sellers May 2021 that may subsequently drive WAN to $0.30—Q1 2021 lows.
On the brighter side, gains above the middle BB confirms bulls of May 24, anchoring bulls targeting $1.15.
POLS is the token behind the Polkadot-based platform, where blockchain start-ups can securely raise funds and simultaneously distribute tokens. Polkastarter is unique due to its cross-chain pools.
Past Performance of POLS
At the time of writing, Polkastarter prices are down over 80 percent from H1 2021 peaks. POLS is down nine percent on the last day on the back of rising trading volumes at around $14 million.
Considering the pace of degradation as visible in the past few days, the path of the least resistance. POLS/USD price action is skewed for sellers unless there is an influx of bulls, forcing POLS above liquidation levels.
Day-Ahead and What to Expect
Sellers are undoubtedly in control per price action in the daily chart.
POLS/USD is capped below the middle BB, consolidating inside the bull bar of May 24—bullish. For buyers to be in control, POLS prices must race above the middle BB and $2.5.
POLS/USDT Technical Analysis
Even though POLS is free-falling, crashing under sell pressure, the last week’s consolidation may offer a reprieve for POLS/USD bulls.
Buy trend continuation above $2.5 would likely catalyze demand in line with May 23 and 24 double bar bullish reversal pattern.
In that eventuality, POLS may rally to $4.5.
On the reverse side, POLS could sink deeper this coming session if prices break below $1.5.