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- Wanchain recently released an update that successfully links the blockchains of Bitcoin and Ethereum.
- The market is trading strongly at close to $ 0.31 as the bulls continue to fight to defend the level.
- Forward support: $ 0.3110, $ 0.30, $ 0.2616, $ 0.2291, $ 0.1757, $ 0.099.
- Resistance going forward: $ 0.40, $ 0.5120, $ 0.5660, $ 0.6383, $ 0.7405, $ 0.8426
Latest news about Wanchain
Wanchain has recently announced their update of the protocol that it will bring Wanchain to version 3.0.
The latest update has successfully created a transversal "bridge" between Ethereum and the cryptocurrency number 1, Bitcoin.
Wanchain it is a project that aims to create transversal transactions through their blockchain, thus eliminating the need for exchanges of intermediaries that are susceptible to hacks and attacks.
Prior to the 3.0 update, Wanchain was compatible only with the Ethereum blockchain. However, the latest update brought the project to a new level of interoperability as users can now exchange value between the Ethereum and Bitcoin blockchains.
Users are also able to make transactions with some ERC-20 tokens such as MKR and DAI, with many others arriving in the following weeks.
Wanchain uses smart contracts and Storemen nodes to facilitate cross-transactional transactions through their blockchain, creating a decentralized, reliable and unlicensed environment to allow users to transfer value between the two blockchains.
Previously, blockchains could not communicate with each other without the user using a centralized exchange. This new update brings a new wave of possibilities and greatly increases the liquidity for compatible coins.
The team also released a package called WanX for developers to increase the efficiency of cross-chain transactions. The developers now have the opportunity to build dapps and DEX that can use the transversal interoperability that Wanchain provides.
We take a look at the WAN market and highlight any relevant areas of support and resistance in the future.
WAN price analysis
WAN / USD saw a 4.78% decline over previous 24-hour trading sessions as the market now trades at around $ 0.3117.
Price action for the WAN has declined significantly over the last 30 trading days, as the market experienced a significant decline of 59% over the aforementioned period.
The Wanchain project is now ranked 87th in terms of market capitalization positions and holds a total capitalization value of approximately $ 32 million.
Analyzing the market from the short term perspective above, we can see that WAN / USD has now reached a long-term downtrend support 1.414 Fibonacci Extension level (drawn in black) priced at $ 0.3110, highlighted in our last analysis WAN / USD.
This level of support has managed to block the price action from the lower heading. However, if the Bitcoin market continues to decline, we can expect even the WAN / USD to head further down.
Trend: down below $ 0.30
If the market manages to break below the support at $ 0.31 and $ 0.30, we may consider the previous downward trend to have continued, as the WAN / USD market would have therefore lowered.
In order for the trend condition to become bullish, we should first see the WAN / USD return above the $ 0.50 handle.
Where is the WAN support located below $ 0.30?
If the selling pressure continues to rise and the price action for WAN / USD breaks below the support at $ 0.31 and $ 0.30, we can expect further immediate support below the level of 1, 6-1 Medium-term Fibonacci (drawn in green) for $ 0.2616.
If bears continue to push prices further below the $ 0.26 handle, more short-term downtrend support can be expected of 1,227 and 1,414 Fibonacci levels (drawn in blue), respectively at $ 0.2291 and $ 0.1757.
Further support below this can be expected in the short term at 1.618 Fibonacci Extension level (drawn in blue) priced at $ 0.099.
What happens if buyers start sending WAN above the current support?
If the bulls manage to bundle their efforts and start pushing the price up, we can expect the immediate resistance above to be on the handle of the round number at $ 0.40, followed closely by the bearish level. of Fibonacci at -236 (drawn in orange) priced at $ 0.5120.
If the bullish momentum persists, the significant resistance above will then be placed in the previous combined area at the long-term level of 1,227 Fibonacci Extension (drawn in black) at the price of $ 0.5696, followed by greater downward resistance .382 and .5 Fibonacci retracement levels (drawn in orange), priced at $ 0.6383 and $ 0.7405 respectively.
Conclusion
The last update to Wanchain is a monumental development in their project as they managed to overcome the blockchain of the 2 most influential blockchains. Before the update, the blockchains were not able to communicate effectively with each other, but now they are able to transfer value to one another in a safe and secure way.
However, despite this great result, price action is still in difficulty.
This is largely due to the downward conditions that the market has had to cope in the last few months, significantly increased in November 2018.
The $ 0.30 handle will be a crucial support level for the bulls to defend if we want to prevent the WAN from sliding further down its bearish trajectory.
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