Price Analysis

WRX Token Draws a Falling Wedge and Awaits a Possible Breakout Soon

WazirX (WRX) token of India’s premier cryptocurrency exchange is ranked amongst the top 5 cryptocurrencies discussed on social media with only 3 months of it entering the crypto space. The exchange is making all the ways possible for Indians to binge in cryptocurrency and trade/invest as its CEO, Nischal Shetty is quite mindful about curating the platform in such a way that it becomes easy for Indians to adopt as early as possible. With government lifting the 2018 ban on cryptocurrency trading in India, crypto holds a winning streak with the vision #IndiaWantsCrypto standing true.

With this, Nischal Shetty and his team working behind WazirX and its token has lured a lot of popularity and adoption or, rather I believe, if a potential Indian crypto investor decides to splurge, he/she would rather prefer WRX token as a result of sentimental and trust connection attached. This is no less than a hedging investment for Indians who are passionate about crypto trading.

WRX token has been on the roar since the time it went live on the world’s premier exchange Binance and is considered a safe and gainful long-term investment just like Binance Coin (BNB).

WRX Price Analysis

 

WazirX News
WRX/USD Chart By TradingView

On the 8-hourly chart, the price of WazirX token is appearing accumulating and has strong resistance at 0.1600 against the US Dollar. On the whole, there is a fine uptrend since the mid of March after the pair bottomed out at $0.0520. However, the token is currently trading with a spur of more than 500% from the opening price 3 months back, which marks an amazing rebound after the market crash in early March. The current price trend of WRX token is well above the 38.20% Fib Retracement level, which slid above 50.0% Fib after the coin fell below $0.142, 3 days back.

WRX News

Interestingly, on the other hand, the WRX token is drawing a falling wedge against Bitcoin on a 6-hourly chart. The wedge is technically bullish in nature over the past month, and we can expect a breakout soon enough as the trend confirms the final lower low before a possible rise. The current momentum may hint at towards a consolidating selling pressure until there is a trend diversion as it hits the last possible lower low of the falling wedge.

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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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