kaefergeneral
Long

WAX - Weekly Double Bottom / Cup & Handle - Mainnet release

BITTREX:WAXBTC   Worldwide Asset Exchange / Bitcoin
WAX is currently trading right above the historical support of 1400 sat where it bounced for over 100% gains 3 times during the last year.
With their main net release approaching in Q2 this is an easy trade of 75 to 500% and likely beyond.

The WAX main net will be fully backward compatible with EOS while featuring its own payment infrastructure/fiat gateway including a stable coin, crypto to fiat credit card and a single sign-on solution.
With a focus on e-commerce and optimized BPs it will have advantages over EOS giving it an edge in some segments.
Introducing an easy to implement and probably fair on-chain RNG it will likely become one of the gambling platforms of choice.
At this point, WAX is already the chain with most daily transactions in the entire crypto market.

Closing in on their main net release and the ramp up on marketing there is some hype to be expected.

Unlike EOS right now WAX does not feature coin inflation but instead reduces circulating supply through several staking mechanisms that allow for active and passive income.
With the launch of its public chain WAX is announced to go open source and fully decentralized. The statement of full decentralization implies the formation of a foundation.
A run up to several dollars can be expected over the mid-term of the next one or two years.

For a possible good entry, I would watch for either a second bounce from 1400 sat or a confirmed break of 1500 sat resistance.
Should 1400 not serve as support, I would watch for an entry in the range of 1150 to 1250 by mid of April.


For more insight into the staking mechanisms read this ELI5 on their token economics:
https://medium.com/@kaefergeneral/eli5-w...
Comment: Due to the WAX pump and alts retracing we hit my buy target of sub 1250 sats and completely recovered the dump back to previous levels netting us a nice 25% gain so far. While I expect a slow and steady rise for the next couple of days they should be releasing news and details on the main net probably next week.

Based on the current chart I expect a spike over the next coming days. Not as high as originally anticipated due to the BTC pump and the fact that we are lacking the Bithumb support (currently trading @0,00001749).

Comment: Obviously meant BTC pump, not WAX pump. :)
It happened pretty much as expected. Unfortunately, the main volume that drove the last rises originated on Bithumb.
With the Bithumb hack and them shutting down deposits and thus arbitrage it didn't carry over.

Will probably take a couple of days until other exchanges catch on.
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