Price Analysis

Crypto Space Lures Attention in India; Native Token WRX Gains 25% in 48 Hours

The crypto and blockchain space has been on a roll in India after the 2018 ban was lifted earlier this year. Fortunately, the lockdown due to the COVID 19 Pandemic has led Indians to get hold of digitized and improvised ways of investing and trading as the major catch happens to be social distancing. Now, crypto since the inception of Bitcoin in 2009 and thereafter has always been digitalized to hold onto the privacy of the traders in the network and trade/invest on the fingertips.

With enough time now, Indians started exploring ways of wealth maximization through crypto, and it was earlier this month when the 3rd Bitcoin Halving took place. Moreover, this year has seen massive trading volumes since the start due to the most hyped Bitcoin Halving, which happens once in 4 years.

Indians diving in the opportunity have been supported by RBI’s recent clarification about banks not prohibiting providing accounts to traders who trade in digital cryptocurrencies. This was a Right to Information (RTI) query that was long ago raised by Unocoin Co-founder BV Harish due to the concerns raised by traders about blocking of banking channels.

With this positive response, if we investigate the statistics and trading volume of Bitcoin over the past 25 days of the ongoing month, we see that the Blockchain wallet has made up 32% of the total Bitcoin transactions within the Blockchain wallet alone which is massive and commendable.

Moreover, swooning over the Indian adopters and investors, cryptocurrencies as a conventional way of investing have been making its way amidst the traditional investment options. We cannot ignore the efforts of Mumbai-based CoinDCX, facilitating Indians with margin trading and lending options and coming up with DCXLend where the investors/traders can deposit more than 10 crypto assets and earn up to 10% interest per annum.

With this, the focus is on widespread crypto adoption by Indians and thereby bring 50 million Indians into space for a better and improvised experience of investing and trading.

Nonetheless, we have Nischal Shetty’s premier Indian cryptocurrency trading platform WazirX, which was acquired by global crypto exchange Binance in late 2019. Additionally, in around 3 months, the platform listed its own token and is rigorously promoting tokenization with WRX being the early adopter and luring many in the process to be the first followers.

Nonetheless, the appreciations don’t stop here as we see Binance’s own Binance Coin (BNB) getting listed on the WazirX platform and available to Indians on-demand to trade against INR.

The platform is bewildering as WazirX’s instant INR deposit is making crypto trading and investing accessible to Indians debunking myths that cryptocurrencies are synonymous with gambling.

Moreover, with many global projects being successful, WazirX is just opening India’s gates for accepting crypto and triggering the sentimental part of Indians to invest and add to the “Vocal for Local” movement that started amidst the COVID-19 lockdown by the honorable Prime Minister Narendra Modi.

Nischal Shetty and team is just a trailblazer for Indians to promote #IndiaWantsCrypto with the WRX token. Alongside, Twitter is all flooded with the news of likely initiation of the alt season in the crypto space; with this let’s see how the promising Indian crypto token is performing:

WRX Price Analysis

WazirX (WRX) Price News
WRX/USD Chart By TradingView

WRX, at the press time, was trading at 0.148 against the US Dollar on the 5-hourly chart. After a brief price accumulation, the token has gained around 25% in 2 days from trading around 0.123 to hitting an intraday high at 0.154 which took the trend of the coin to gradually spike above 61.80% Fib.

Moreover, on the 5-hourly chart, WRX token has hit the weekly resistance with technicals turning green. The intraday recovery led the MACD of the token cross above the signal line, and the RSI depicts the increasing demand as it lies at 66.85 around the overbought zone.

The brief analysis of this Indian crypto is an overwhelming sight for the entire Indian community to see that the platform and its token is just doing great to bring maximum people onboard.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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