WAXP is looking extremely bullish at the moment as a result of the upcoming partnership which the team behind the token has been teasing the public with for the last 3 days (see twitter.com/WAX_io/s.../1228128273261113345). Three teaser images they have shared which hints at Disney becoming their partner which would be HUGE. Regardless of this partnership though WAXP is one of those tokens that I personally believe is undervalued at the moment if you consider WAXP is widely used for trading virtual goods in the gaming industry. Reasons for the low valuation are lack of global awareness and large crypto exchanges offering WAXP trading.
Now looking at the chart we can see the explosive increase in price from about 300 sats until 950 sats where price got heavily rejected. We appear to have completed 5 waves whereby wave 2 retraced by 50% the length of wave 1 and wave 3 was 1.618 times the length of wave 1 which is pretty much text book elliott wave theory. Wave 5 appears to have over extended which caused that violent rejection at 950 sats. Since then we have retraced by 50% of the entire 5 wave cycle. If this marks the end of wave 2 of the cycle of one order higher then we may be on our way to start wave 3 of this higher order cycle with a target of 1364 sats.
Now clearly, whether or not this will happen will depend on whether Disney is indeed their new partner and if BTC doesn't dump.
Now looking at the chart we can see the explosive increase in price from about 300 sats until 950 sats where price got heavily rejected. We appear to have completed 5 waves whereby wave 2 retraced by 50% the length of wave 1 and wave 3 was 1.618 times the length of wave 1 which is pretty much text book elliott wave theory. Wave 5 appears to have over extended which caused that violent rejection at 950 sats. Since then we have retraced by 50% of the entire 5 wave cycle. If this marks the end of wave 2 of the cycle of one order higher then we may be on our way to start wave 3 of this higher order cycle with a target of 1364 sats.
Now clearly, whether or not this will happen will depend on whether Disney is indeed their new partner and if BTC doesn't dump.