Looking at the daily chart
, Walton has been in a downward channel
(purple) since hitting its high at the end of January. Walton recently announced several strategic partnerships (CAAC and Alibaba Cloud), which caused a break from the channel, but it quickly returned back into it which is not good. But while I say, that there still is hope. The price is currently being held up by the pink support line and twice when the price dipped hard, it got support by the gold
support line. As you can see there is pressure from above in purple and support from below in pink and gold
. It will have to make a decision to break out to the upside, or fall further down the channel. Be aware that Bitcoin
could very well influence this decision. And especially considering how bearish BTC
looks, I feel that the price will remain in the channel and continue downward. I've indicated some support levels if the price were to break through support to the downside. I love this coin, the tech, and the team. Great things to come for sure.