Advertisement
WING Breakout Analysis – Parabolic Breakout on WING with +45% Gains in a Day
WING is trading in uptrend here like many other altcoins. The Cryptocurrency WING just went up +45% in a single day by breaking a Descending triangle with strong buying volume and surges over +81% in a week.
What is WING?
Wing is described to be a credit-based, cross-chain DeFi lending platform dedicated to crypto-asset lending and cross-chain interactions between DeFi products. The project’s decentralized governance model and risk control mechanism are described to promote a mutually beneficial relationship between borrowers, creditors, and guarantors. Wing has also developed a credit evaluation module as a showcase example of credit-based decentralized lending.
WING Quick Stats
| SYMBOL: | WING |
| Global rank: | 486 |
| Market cap: | $16,560,710 AUD |
| Current price: | $26.35 AUD |
| All time high price: | $188.29 AUD |
| 1 day: | +45.4% |
| 7 day: | +81.70% |
| 1 year: | +129.34% |
WING Price Analysis
At the time of writing, WING is ranked 486th cryptocurrency globally and the current price is $26.35 AUD. This is a +81.70% increase since 3rd December 2020 (7 days ago) as shown in the chart below.
If we see the above 12-hour candle chart, WING just bounced back from its support levels of $15.35 AUD and took a strong breakout from Descending Triangle within the next resistance which was at $18.61 AUD. The line is acting as a support level for this Descending triangle trend.
“A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows”
What do the technical indicators say?
The WING TradingView indicators (on the 1 day) mainly indicate WING as a buy, except the Oscillators which indicate WING as a neutral.
So Why did WING Breakout?
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. It could also be contributed to some of the recent events of WING Inclusive-Pool.
Recent WING News & Events:
- 02 December 2020 – Wing Flash Pool
- 03 December 2020 – Strategic Partnership with UNFI
- 04 December 2020 – WING Inclusive-Pool
Where to Buy or Trade WING?
WING has the highest liquidity on Binance Exchange so that would help for trading WING/USDT or WING/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
