With the recent spark in price momentum across the entire blockchain space thanks to the aggressive movement in Litecoin and favorable Bitcoin news, many alt coins have taken out their weekly highs. Coming from such beaten up levels, this may be the beginning of a much broader move. For that reason, I am providing a quick overview of one of our old favorites: Wabi.
WABI On The Radar.
In this weekly Wabi chart, you will notice a nice break of the previous week’s high. This is occurring across the board in many of these cheap coins. Some look better than others and Wabi is certainly exhibiting better momentum compared to its peers like XLM or BAT.
If momentum continues, the .17 area is the next resistance and beyond that its the .25 area (noted by green boxes). Keep in mind if price reaches these areas and hesitates, they are good places to lock in some profit if long from much lower prices.
Overall, if price reaches the .33 resistance, it may in developing into a very broad inverted head and shoulders (which can take months to play out). Especially if the blockchain space continues to get injections of positive news. We will be monitoring and updating this coin more frequently for any new position trade opportunities as the momentum continues (in our Premium Members chat room).
Podcast: Ask Us Anything?
Quick note: Tomorrow February 11 at 4 PM ET, we are going to have special guest Steven Lubka join us on our podcast to answer questions from a very rigorous fundamental point of view. This is your chance to ask an expert anything about your favorite alt coin.
You can join the member’s chatroom at 4PM ET and ask in real time OR email your question in advance at email@example.com.This is a Free Member article. To receive email notifications when new articles are available, click here.