Following a generally bullish outlook in the cryptocurrency market and a successful listing of WaykiChain on Gate.io, the WICC paired against the USDT see a steady price increase.
Read on for more insights into the technical patterns fueling the current bullish campaign.
WICCUSDT: Monthly Chart
Let’s carry out a top-down analysis of the Wayki Chain coin starting from the monthly time frame.
Following a price plunge of about %, the WICC pair broke out of bearish accumulation resistance on March ’19, establishing support at 0.0910, and consequently bringing an end to the crypto winter of 2018.
The bulls are set for further price rally as the monthly candles make higher lows on its way up.
Let’s take a step lower to the weekly time frame as it further breaks down the transition from bearish to an established bullish trend.
WICCUSDT: Weekly Chart
From the above weekly time frame, the WICC price showed the crypto winter by an entry of the RSI oversold area.
The good news, however, is that the price exits the oversold region on March 18 ’19 by an exit of the RSI level-30, which was reinforced from an earlier regular bullish divergence in succession with a breakout of bearish accumulation on December 17 ’18.
Upon signaling the bullish divergence setup, the WICC price continued to indicate an increase in bullish sentiment by the double bullish accumulation price pattern on January 21 and February 25 ’19.
Further price close above the 0.3698 resistance level will reinforce the already started bullish campaign.
WICCUSDT: Daily Chart
We turn to the daily chart for a closer view and to identify the price patterns driving and sustaining the current bullish trend.
The WICCUSDT crypto pair exited oversold territory while at the same time flagging a regular bullish divergence on December 09 ’18 and setting support at 0.0910 after which the price skyrockets by 230% before making its first retracement after an opposite regular bearish divergence on April 13 ‘19.
Opportunities to scale into the earlier bullish trend was fired by bullish accumulation pattern on March 22 ’19 and a breakout of bearish accumulation resistance on March 22 ’19.
A retracement of bullish trend is only natural to attain new market highs, and there’s no better place to enter into a long position like an end of a price correction which is identified by a breakout of bearish accumulation on May 03 ’19. This and another breakout of bearish accumulation on June 12 ’19 fortify a remarkable comeback for the bulls.
With the exit of oversold on the weekly time frame which confirms an end to the crypto winter as well as a combination of bullish patterns, we project a first take-profit target of 1.00 USD and a second take profit target of 1.50 USD.