WAX Sees Remarkable Trade Volumes Today, But Meme Kombat's Presale Could Steal Tomorrow's Spotlight

WAX Sees Remarkable Trade Volumes Today, But Meme Kombat’s Presale Could Steal Tomorrow’s Spotlight

Updated: 18 October 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The Wax price trades in a third straight bullish session as bulls focus on pushing it higher. WAXP is up 57% over the last 7 days and 35% in the last 24 hours. Its 24-hour trading volume is up 795% to $320 million, increasing trader interest in the delegated proof-of-stake (DPoS) token.

With a live market cap of $228 million, the Wax token is at position 108 according to the CoinMarketCap ranking. WAXP features among the top gainers in the crypto market today.

🔥Take a look at the Top 10 #gainers in the #crypto market over the last 24H!

1⃣ $VIB – 57.59%
2⃣ $PEPE2.0 – 40.01%
3⃣ $WAXP – 35.88%
4⃣ $OAX – 34.19%
5⃣ $REVV – 32.47%
6⃣ $WAX – 31.53%
7⃣ $WAXE – 30.48%
8⃣ $DKA – 29.68%
9⃣ $BDCC – 24.21%
🔟 $OOKI – 18.30%#WAX #PEPE #Viberate pic.twitter.com/nAT5tJedr2

— GemX Trading (@gemxtrading) October 18, 2023

The recent uptrend posted by the Wax price may be attributed to news that WAXP will soon be listed on Binance Futures. WAXP is already traded on Binance Spot, but a Binance Futures listing could bring significant new liquidity.

#Binance Futures will launch the USDⓈ-M STPT and WAXP Perpetual Contracts at

🗓 Oct 18 2023, 14:30 (UTC) and 14:45 (UTC) respectively.

Read more ➡️https://t.co/AoiBVnc914 pic.twitter.com/1RHgIHQTnn

— Binance Futures (@BinanceFutures) October 18, 2023

According to the announcement, “Binance Futures will launch the … and WAXP Perpetual Contracts” on Wednesday, Oct. 18, at 14:45 (UTC) respectively, with up to 50x leverage.

With over 280k Twitter followers, WAX has a strong community excited about the listing.

Meanwhile, the WAX ecosystem continues to fight for its share of the decentralized staking market. Its total value locked (TVL) has increased over the past few days, from $410,080 million on Oct. 10 to around $628,691.

WAX’s TVL

Increasing total value locked on the WAX blockchain points to increasing investor interest and confidence in the network. This is expected to impact the price of its native token, WAXP positively.

Key Levels to Watch for the WAX Price

WAXP rallied an impressive 70% from the $0.0435 support level on Oct. 10 to a high of about $0.0343 on Oct. 18. This rally has seen the token flip key levels back into support, including major psychological levels and moving averages.

When writing, the Wax price traded at $0.06759 with a bullish bias, 7% below the aforementioned swing high. A rise above the immediate resistance level at $0.0677, provided by the 78.6% Fibonacci retracement level, would clear the path for an extended uptrend.

The first barrier would emerge from the $0.07 psychological level and then the 100% Fibonacci retracement level at $0.0743. Higher than that, the altcoin may rise to tag the $0.08 psychological level and later the 12.72% extension level at $0.0827, marking a 20% uptick from the current price.

WAX/USD Daily Chart

WAX Price Chart - Oct 18 — TradingView Chart: WAXP/USDT

Supporting this positive outlook for the WAXP price were the upward-facing moving averages and the upward movement of the Relative Strength Index (RSI). The price strength at 87 suggested that the Wax price was firmly in the hands of the buyers, adding credence to the bullish thesis.

The price also sat on relatively strong support on the downside. These were areas provided by the Simple Moving Averages and the $0.055 to $0.050 demand zone, which could potentially provide breathing zones for buyers in case of a sell-off.

On the downside, a daily candlestick close below the $0.065 psychological level would see the price drop to the 61.8% retracement level at $0.0625. A slip below this point could see a descent to the $0.06 support level where the 50% Fibonacci level sat, and later to the 38.2% extension level at $0.05526 and the 23.6% level at $0.050, close to the 200-day SMA.

In highly bearish cases, the WAXP price may breach the said defense lines to revisit the $0.0435 support floor within the price range defined by the 50-day and 100-day SMAs. This would complete the retracement, undo all the recent gains, and completely invalidate the bullish narrative.

WAXP Alternatives

The WAX token is not the only crypto capturing the attention of crypto investors today. Meme Kombat (MK), is a new meme coin set to become the market’s favorite over the next few days as it continues to record great performance in presale.

The project leverages the cutting-edge technology and the decentralized power of the Ethereum network to create a unique and engaging gaming experience.’

The team behind $MK launched the presale on Sept. 21 and has already garnered over $570,000 within a month of its launch. This shows that the impressive performance in presale is just the beginning of the success of $MK.

The next few months are going to be big for crypto. But they're also going to be huge for #MemeKombat ⚔️ pic.twitter.com/tYh2ycc4Fd

— Meme Kombat (@Meme_Kombat) October 17, 2023

The $MK token is currently for $1.667 and can be bought from the Meme Kombat website using ETH, USDT, or on the Binance Smart Chain using BNB.

From the presale phase onward, $MK token holders can promptly engage in staking their tokens and receive an impressive annual percentage yield (APY) currently at 112%.

This means that early investors stand to gain the most, as they can start earning from the outset and benefit from potential price increases.

These enticing features and captivating design guarantee the potential for a 10x return on investment, making it the next cryptocurrency to explode, as opined by Crypto Gains in a YouTube review.