WAX Price: Why is Worldwide Asset eXchange (WAXP) Going Up?

The NFT space has been gaining a lot of attention in recent months, and cryptocurrencies operating in that sector have been outperforming the others.

WAX Rallies by 32% as NFT Demand Increases

Worldwide Asset eXchange (WAX) is one of the top leading performers in the cryptocurrency market at the moment. It is a blockchain and protocol token specifically designed to make e-commerce transactions safer, easier and faster for all participants.

TheWAX has developed a suite of blockchain-based tools that supports a wide range of decentralized applications, marketplaces and native nonfungible tokens (NFTs). It is one of the top performers in the cryptocurrency space, thanks to the high demand for NFT-focused coins and tokens. Over the past 24 hours, the WAX token is up by more than 30%, outperforming the other major cryptocurrencies such as BTC, ETH and others.

At press time, WAX is trading at $0.824 per coin. Despite rallying in recent weeks, WAX remains down by more than 70% from the all-time high of $2.77 achieved in January 2018. Last week, the Worldwide Asset eXchange rose to second place in NFT sales volume amongst all the layer-1 blockchains. WAX accounts for more than 15 million transactions per day, surpassing that of Ethereum in the process.

WAX Could Target the $1 Resistance Level

WAX has been rallying since the start of the year, and the cryptocurrency could surge higher over the coming weeks. At press time, WAX is trading at $0.824. Year-to-date, WAX has added 2,129% to its value, making it one of the best-performing coins over the past few months.

WAX/USD chart. Source: FXEMPIREWAX/USD chart. Source: FXEMPIRE

WAX/USD chart. Source: FXEMPIRE

Its technical indicators point to further gains for WAX, and the cryptocurrency could reach the $1 mark over the coming days and weeks. The Worldwide Asset eXchange’s strong performance in the NFT space in recent months could be key to the WAX coin rallying higher before the end of the year.

The NFT space is still in its early stage, and more investments and innovations will pour into the market. As a result, WAX and other NFT-focused coins have strong growth potential.

This article was originally posted on FX Empire