Hey guys, welcome to my ALTs analysis (This time I was asked to analyse WAX - 19/05/20):
• Fundamentals/sentimental:
- Basically what this project is about is to create a main digital exchange for virtual assets, in a decentralized environment - wax.io/about
buy, sell, trade virtual items under 1 platform (Also physical items, but I think this isn’t what really sells the project, as their main focus is basically exchange for the gaming centralized stores according to their advertisement subjects).
- Cons:
1. Their White paper was change changed a few times due to different difficulties. And also outdated in many ways like talking about this crazy adaptation for Libta, and others - github.com/worldwide...-exchange/whitepaper
2. Their exchange which is in beta, doesn’t really have much to show but except for the new partnership with Topps (physical cards and stickers seller as collectables for brands like Disney, Marvel, Starwars… - www.topps.com/) for online collectors (For now only ‘garbage pail kids trading cards - toppsgpk.io/) which doesn’t seem to impress me (Why we need it? there is no real sentimental value to this, but who knows, maybe I’m too old for this and the young/next generation kids will grow up with value towards it), and also it looks like their OPSkins project (Before Topps) has died out (0 involvement on Github, and unsatisfied customers occasionally asking them to return them their money about it)
3. Their Youtube channel, I went through some of their vids and promotions, and many links which the provide are un-accessible.
4. They say they try to compete against Steam and other centralized stores, but as for today I just don’t see a possible future for them on that ground, not until we see real big contracts with huge traffic from big names who are willing to try out their system, or at-least some pro gaming indies which are willing support decentralization and willing to use their services. the gaming industry is well too comfortable with their environment, and afraid of changes, but as a fellow gamer I personally would like to see that change one day, so for now the only real thing that drives the price are speculations, and no real use case.
5. They have a staking (as it helps to reserve system resources – cpu, network, and ram allocation to meet the needs of the developers) reward system, which is important, but to me if they won’t show some real use case, these rewards just won’t do, because who needs yet another voting system coin out there (There are way too many)?, and since people mostly holding it for the rewards then there is no real value for these rewards in 2 years… Xd..
- Pros:
1. They keep on trying really hard to show new things coming in, and they always try to get up despite the downfalls and the obstacles on the way.
2. They are actively trying to socialize and show new road maps (like the last one: medium.com/@prospect...eatures-5ec6681737cf) and exciting things coming.
3. Their beta is working, now what they need is actual partnership of gaming industries to build stores on top of their blockchain. They passed the first step with Topps, and prove it works, now I don’t now if there will be real demand for such things online, but their next step is to really sign a first working store on a real game (Or at-least have a partnership with upcoming game) from indies (Who are having hard times with the big centralized platforms)…
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• TA:
- In overall the big term is pretty bearish, but we are grinding the same area for long while between the strong S/R and the bottom, should we go above it there are many resistances on the way (The cloud and then to create a higher high trend)
We user the weekly s10 and the last higher bottom as support which is good!.
Should we break above 0.0355 (Above the weekly e21), it most likely will spike up (Especially if BTC will slowly go down or consolidates), and such momentum can grind the weekly cloud inside it with a mid-term bullish pattern (with golden cross confirmation between the weekly e21 and the s10) until tested out to create a bigger higher high, going above it means we are extremely bullish again on this project on the bigger picture as well…
- The 4h is forming a nice trend line, should we go below it then the bearish trend continues (Especially if BTC crushes fast or starts it own bull run and exhaust ALTs even more for a long while..) but should we continue with it, then the 4h cloud, and the 4h e21+s10 will give it a nice boost to break this ascending triangle, and if we retest it then this will confirm a nice bullish small-term trend:
- If the 4h closes with tiny bullish trend it will give a boost to the mid-term bullish trend to close above daily e50 (brown line), and grind the daily cloud until we see either rejection or a golden cross between the s10 (blue line) and the e50, this will cause us going in the cloud with even stronger mid-term bullish trend, if we continue the trend line then we should break above the daily cloud and the daily e200 (pink line),
- Conclusion: There are many “Ifs” here, because we don’t really yet have a bullish momentum (Despite the bullish trend line) on smaller TF (4h) and bigger TF (weekly)… but we do have a momentum on the daily, which means if the smaller TF turn into momentum as well, this will trigger the mid-term to be bullish as well, remember, the trend is your friend, we have a potential here to make a lot of profits between the dips (on swings) if the small term push it up. Now while BTC isn’t doing drastic move is the time for the coin to shine. If I were to decide to enter a position here, I would try longing it vs with an SL behind the last dip candle on the trend (which is also on the weekly last bottom being used as support) at around 0.0297.
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• Overall: FA speculation should help to move this coin against BTC falls and bring it to its top 100 potential. Sentimental kicking in, and this project is practically only at the beginning.
Every good news should push sentimental to help the TA.
TA shows positive daily higher trend, if the small term continues the bullish trend line too then the daily should make a new bullish mid-term trend
I like the project idea, hopefully to see more of it. I wouldn’t sit on it for more then 2 years if it doesn’t show strong gaming real life case proof. but I also don't expect it to be top 20, it should be around top 100-50 at-least (Especially if more things are coming very soon)
• Fundamentals/sentimental:
- Basically what this project is about is to create a main digital exchange for virtual assets, in a decentralized environment - wax.io/about
buy, sell, trade virtual items under 1 platform (Also physical items, but I think this isn’t what really sells the project, as their main focus is basically exchange for the gaming centralized stores according to their advertisement subjects).
- Cons:
1. Their White paper was change changed a few times due to different difficulties. And also outdated in many ways like talking about this crazy adaptation for Libta, and others - github.com/worldwide...-exchange/whitepaper
2. Their exchange which is in beta, doesn’t really have much to show but except for the new partnership with Topps (physical cards and stickers seller as collectables for brands like Disney, Marvel, Starwars… - www.topps.com/) for online collectors (For now only ‘garbage pail kids trading cards - toppsgpk.io/) which doesn’t seem to impress me (Why we need it? there is no real sentimental value to this, but who knows, maybe I’m too old for this and the young/next generation kids will grow up with value towards it), and also it looks like their OPSkins project (Before Topps) has died out (0 involvement on Github, and unsatisfied customers occasionally asking them to return them their money about it)
3. Their Youtube channel, I went through some of their vids and promotions, and many links which the provide are un-accessible.
4. They say they try to compete against Steam and other centralized stores, but as for today I just don’t see a possible future for them on that ground, not until we see real big contracts with huge traffic from big names who are willing to try out their system, or at-least some pro gaming indies which are willing support decentralization and willing to use their services. the gaming industry is well too comfortable with their environment, and afraid of changes, but as a fellow gamer I personally would like to see that change one day, so for now the only real thing that drives the price are speculations, and no real use case.
5. They have a staking (as it helps to reserve system resources – cpu, network, and ram allocation to meet the needs of the developers) reward system, which is important, but to me if they won’t show some real use case, these rewards just won’t do, because who needs yet another voting system coin out there (There are way too many)?, and since people mostly holding it for the rewards then there is no real value for these rewards in 2 years… Xd..
- Pros:
1. They keep on trying really hard to show new things coming in, and they always try to get up despite the downfalls and the obstacles on the way.
2. They are actively trying to socialize and show new road maps (like the last one: medium.com/@prospect...eatures-5ec6681737cf) and exciting things coming.
3. Their beta is working, now what they need is actual partnership of gaming industries to build stores on top of their blockchain. They passed the first step with Topps, and prove it works, now I don’t now if there will be real demand for such things online, but their next step is to really sign a first working store on a real game (Or at-least have a partnership with upcoming game) from indies (Who are having hard times with the big centralized platforms)…
_________________________________________
• TA:
- In overall the big term is pretty bearish, but we are grinding the same area for long while between the strong S/R and the bottom, should we go above it there are many resistances on the way (The cloud and then to create a higher high trend)
We user the weekly s10 and the last higher bottom as support which is good!.
Should we break above 0.0355 (Above the weekly e21), it most likely will spike up (Especially if BTC will slowly go down or consolidates), and such momentum can grind the weekly cloud inside it with a mid-term bullish pattern (with golden cross confirmation between the weekly e21 and the s10) until tested out to create a bigger higher high, going above it means we are extremely bullish again on this project on the bigger picture as well…
_________________________________________
• Overall: FA speculation should help to move this coin against BTC falls and bring it to its top 100 potential. Sentimental kicking in, and this project is practically only at the beginning.
Every good news should push sentimental to help the TA.
TA shows positive daily higher trend, if the small term continues the bullish trend line too then the daily should make a new bullish mid-term trend
I like the project idea, hopefully to see more of it. I wouldn’t sit on it for more then 2 years if it doesn’t show strong gaming real life case proof. but I also don't expect it to be top 20, it should be around top 100-50 at-least (Especially if more things are coming very soon)
Comment:
Smells like pump to weekly (Or the last top green resist) and dump action... too fast move... ^_^ but might slow down soon due to the resistance.
Comment:
Well... it was expected the way it moved...
Almost hit the expected spike to the weekly resistance...
But now, it should prove itself, if it has real fundamental value then it should hold above the yellow line and grow slowly (For now it is less likely), if it doesn't have real attention then it was just a pump and dump move (Like most ALTs did so far) which will bring it back to the bottom again (More likely)
Almost hit the expected spike to the weekly resistance...
But now, it should prove itself, if it has real fundamental value then it should hold above the yellow line and grow slowly (For now it is less likely), if it doesn't have real attention then it was just a pump and dump move (Like most ALTs did so far) which will bring it back to the bottom again (More likely)
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