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Tuesday, May 30, 2023

Will WINk break out from the resistance?

WINk is the first in the TRON ecosystem that is integrating the real world with the block chain. It aims to help in the real life events. Wink is a leading gaming platform that is working to bring high-quality decentralized applications. The platform was known as TRONBet until mid of July when it as rebranded to Wink and released their own native token WINkLink. TRONBet was the first decentralized application launched on TRC network. The platform provides many tools for developers to create unique dApps in the gaming industry.

The wink token has a huge amount of supply that is around 999B tokens. According to coinmarketcap around 71% have been released in the market. As a result of this huge supply, wink is very volatile and has shown many unexpected reactions to different zones. At the time of writing the price of WINkLink stands at around $0.0004369 with an increase of 5.97% in a day and a drop of almost 17% in the past 7 days. The coin is ranked at 155 according to its market cap. WINkLink has its ATH around the price of $0.002966.

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How can Wink React?

What we need to understand that the charts can become out dated if the market does something unexpected. Anything fundamental that can bring a reasonable change in the overall market will also bring a change in a Wink as well and possibly rule this chart as null. This happens when BTC messes up. So the analysis is done keeping the conditions in mind. If the conditions change then the analysis also change.

The first thing to notice is the rejection zone from where the wink got rejected and went spiraling down. The second thing to notice is the formation of an order block on the daily time frame. This Order block broke the structure and hence confirmed the shift in the market structure. After that, the price started moving in a downward channel and clearly respected the trend line. Now the market is moving towards that zone again after mitigating the demand zone twice. If the momentum is enough we can expect the price to move past the trend line. Retesting is expected to happen to see if the support from the trend line is strong enough to hold the coin. A strong resistance is around the zone of $0.00057 and support lies from the demand zone and the trend line if it breaks it.

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