Wanchain (WAN) surges 7.01% testing key resistance level

Wanchain (WAN) has experienced a notable price increase of 7.01% in the past 24 hours, reaching $0.1160. This surge is significant as it tests a key resistance level at $0.1213, marking a potential breakout from a falling wedge pattern that has been developing since early 2024. The weekly chart illustrates a clear downward structure with consistent lower highs and lower lows, indicating a period of price compression nearing its apex.

The falling wedge pattern began to form after WAN peaked in the first half of 2024. Since then, the price has been steadily compressing, and the current breakout attempt is seen as significant due to the pattern's structure. Volume data supports this increased market activity, with WAN recording substantial trading volumes in the past 24 hours.

As of the latest session, WAN has tested the $0.1213 resistance level but has not yet made a confirmed close above it. The asset reached a 24-hour high of $0.1250 while holding its daily low at $0.1069, indicating growing short-term interest. The downtrend wedge remains intact but is approaching its top, suggesting that a directional movement may be imminent. Intraday support has been observed at $0.1088, which has held for several sessions.

Despite the recent uptick, WAN’s broader performance remains negative, with a six-month decline of 43.80% and a one-year loss of 29.27%. However, the asset has registered minor gains of 1.40% and 1.75% in the past seven and thirty days, respectively. These data points provide context for the current price movement, as the breakout occurs against a backdrop of prolonged drawdown. The technical structure, now under close watch, remains key for interpreting near-term price behavior.

The weekly chart shows that the falling wedge pattern is still clearly intact, with multiple lower highs and lows defining the pattern. The consistency of this structure suggests that price compression has reached a critical level. Whether the breakout sustains or retreats, the structure now frames WAN’s immediate technical outlook. Further movement will likely depend on price behavior around the resistance level and volume support in the upcoming sessions.