WAX/USDT – Accumulation Below Trendline or Further Downside?The WAX/USDT chart shows a strong downtrend over the past few months, marked by a consistent descending trendline resistance pressing the price lower.
Currently, price is moving sideways below the trendline, indicating a phase of accumulation or consolidation before the next major move.
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📐 Pattern Structure: Descending Triangle / Falling Resistance
Descending trendline → dynamic resistance (seller dominance)
Horizontal support around 0.0058 – 0.0066
This structure forms a Descending Triangle (bearish continuation), however:
If an upside breakout occurs → it could signal an early reversal
👉 Meaning: This is a critical decision zone
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📍 Key Levels:
Strong Support: 0.0058
Consolidation Area: 0.0064 – 0.0070
Resistance Levels:
0.0075
0.0082
0.0091
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🚀 Bullish Scenario
If price manages to:
✅ Break and close above the descending trendline
✅ Reclaim the 0.0070 – 0.0075 area
Then potential targets are:
Target 1: 0.0075
Target 2: 0.0082
Target 3: 0.0091
📈 This would indicate:
A shift in market structure
The beginning of a trend reversal or bullish continuation
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🐻 Bearish Scenario
If price fails to break out and:
❌ Gets rejected at the trendline
❌ Breaks below 0.0064 – 0.0058 support
Then the likely outcome:
Retest of 0.0058 low
Potential continuation to a new lower low
📉 This confirms:
A valid descending triangle (bearish continuation)
Continued seller dominance
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⚖️ Conclusion
WAX is currently in a price compression (squeeze) phase between support and descending resistance.
👉 The breakout from this structure will determine the next major direction:
Break up → bullish reversal
Break down → continuation of bearish trend
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📌 Additional Insight
Volume will be key to confirming the breakout
False breakouts are possible → wait for candle close & retest
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Long
