Wanchain gave those who were not around in 2017 a glimpse of what an alt season can look like as the WAN token enjoyed a blistering weekend, experiencing a 177% explosion in just 18 hours thanks to an announcement about the long-awaited staking mechanism on the platform. One of the most hyped ICOs of 2018, the two-day buy volume on WAN during the spike was the highest the coin has even seen, more than three times the previous high set in March. Incredibly, in a sign of just how much valuations have tumbled since early 2018, despite record volume and a 177% rise, the token is still more than five times lower than its high of $10.45 shortly after its launch.
I am going to leave my position in $WAN until proof of staking. The token is actually interesting. If this is your only trade stack my advice would be to play these big swings or sell the next pump and find a better bet short term incase we bleed further. What a run! 220-600 sats
— Slim_Trady (@TradySlim) August 25, 2019
Bitcoin Faces More Indecision
WAN was by far the outlier this weekend, with the rest of the market fairly stagnant and waiting on BTC to make its next move. With many predicting it is just a matter of time before BTC crashes through to the low $9,000s and possibly lower, it managed to hold on to $10,000 through the weekend before a $485 candle at the weekly close took it up to $10,645 and looked like it might banish the bearish predictions.
— Don Crypto Draper (@DonCryptoDraper) August 26, 2019
However, this was followed by a sell off that has seen half the gains wiped out and a continuation of the coiling up that BTC has been doing for some weeks now, similar to what we see so often with BTC, particularly in November 2018 before it crashed 50% in a matter of days. Nobody is thinking to this extreme, but the recent failed breakouts of $11,000 do seem to suggest that buyers are exhausted and BTC could be set for a bigger reset and consolidation period.
Reminds me of crazy wick from October 15 2018. This is just shakeouts to position for next move (mega ran short stops?). Bias is bearish as it continues to make lower highs and batters support. Stopped out on this wick and re-entered short. pic.twitter.com/ub4lIfZ5B1
— justfive (@crymeaCOIN) August 26, 2019
In the bulls favor however is the buying candle that helped the push at the weekly close, which is the highest we have seen for six weeks. The last time there was this much volume was in mid-July when we saw a $1,000 super candle, although a note of caution – this was followed by a ten-day slow bleed that eradicated all the gains. All we know for sure is that until BTC decides whether she’s breaking up or down there is money to be made for those brave enough to trade the chop, but for most of us this remains, for the time being at least, a spectator sport.