The Wanchain alpha testnet release is right around the corner. Wanchain is a blockchain that aims to connect the future of the decentralized financial world with some unique twists. “The blockchain, a fork of Ethereum, adds cross-chain and privacy protection. In addition to private chains, our aim is to create a platform capable of serving as a financial hub of bridged networks. “
The Wanchain proof-of-stake implementation has been highly anticipated by the community since the switch was announced in 2018. The testnet is set to launch on June 30th, with these type of news events it’s typical to expect some kind of positive price action. A typical buy the rumor sell the news situation is on the table.
Wanchain Alpha Testnet & Price
Altcoins have been breaking bottoms & are currently in downtrends, there is no clear trade setup that I can see.
However, we might be close to a reversal though. The image above is of the WAN/ETH chart and we’ve got a couple of signs here:
- Falling Wedge Pattern
- Head & Shoulders Pattern
- Volume Spike
- Possible Double Bottom
These all point to signs of a reversal but unless we get confirmation there is simply too much risk on the table. What we’re looking for is a break of the wedge and for it to form some consolidation or a bull flag. This move should have some volume to back it up giving us a sign that there is some strong buying pressure from the bulls.
Wanchain has broken the bottom on the BTC pairing which is never a good sign for any coin. It’s also currently being held down by the moving averages and has a lot of work to do before I can say “Hey, this is bullish”. It’s also important to note that if ethereum goes on a run (which is more likely) the WAN/ETH pair will take a hit creating a double bottom or worse. For now there’s nothing to do except to sit back and watch how this develops.
We can either expect the alts to make a run before ETH does or the ETH pairs will be taking more of a beating. I’ll post an update if there are any further developments.
Will the Wanchain alpha testnet release have a positive effect on price or are we going to continue going down? Right now, the direction we’re headed is down unless something big happens.
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