WazirX Technical Analysis – Expect Prices to Break Out of $2.03
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WazirX Technical Analysis – Expect Prices to Break Out of $2.03

April 3, 2021      Ankita Awasthi

In technical analysis, Wazirx is the largest crypto exchange in India. It is a simple, straightforward, and user-friendly interface. It is highly secure with amazing transaction speeds. WRX is the native token of this exchange. The maximum supply of WRX is capped at 1 billion.

Past Performance

On March 27, 2021, the opening price of WRX is $0.47. As of April 3, 2021, the closing price of WRX is $1.71. Thus, the WRX price has skyrocketed by approximately 264% over the past week. In the last 24 hours, WRX has traded between $1.48-$1.98.

WazirX Price Analysis

https://www.tradingview.com/x/zKTQM547

Day-Ahead and Tomorrow

Currently, WRX is trading at $1.79. The price has increased from the opening price of $1.71. Thus, the market looks bullish.

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The A/D indicator is falling. This implies that whale distribution is higher than whale accumulation. Thus, the WRX price is likely to go up further.

The MACD and signal lines are positive. A bearish crossover by the MACD line over the signal line indicates that selling pressures are slowly mounting. Thus, we can expect a price pullback amidst an overall bullish trend.

The RSI is currently at 57%. It faced a bearish swing rejection at 65%. Thus, selling pressures are high. Hence, we can expect a price pullback.

Wazirx Technical Analysis

As per technical analysis, the price is currently above the Fibonacci pivot point of $1.73. It may break out of the first resistance level of $1.91 in some time. If the bulls remain strong, we can expect the price to break out of the second resistance level of $2.03, by day end.

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The price may soon test and fall below the 38.2% FIB retracement level of $1.79, as many of the oscillators have indicated a price pullback. If by day end, the price and retests the 23.6% FIB retracement level of $1.86, then we can be assured that the bulls are strong. In that case, the bull-run can continue tomorrow as well.

#Wazirx
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.