WazirX Price Analysis: WRX/USD Consolidating Ahead Of Triangle Breakout

20 May, 2020 Updated 20 May, 2020

By John Isige

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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WazirX recovery from March lows at $0.05 stalls under $0.15.
A triangle support breakout is in the offing as WRX/USD consolidates under $0.15.

WazirX (WRX), a relatively new coin in the market but one that is growing at a steady pace. In the short period, it has traded on exchanges in 2020, WazirX continues to be an epitome of attraction to investors. At the momentum, it holds the 190^th position on CoinMarketCap. It also commands a market cap of $14 million and a 24-hour trading volume of $6.4 million.

Meanwhile, WazirX is trading 1.36% higher against the US dollar. It has lost 0.17% against Bitcoin in the last 24 hours. Moreover, it is trading 3% lower against the world’s largest altcoin Ethereum.

WazirX Technical Analysis

WRX/USD is flirting with $0.1347 at the time of writing. The crypto has been consolidating under $0.15 following a recovery from the major support at $0.05. In March, WazirX rallied to a new all-time high; $0.23. However, amid the Coronavirus pandemic, the price collapsed massively from the news highs to the aforementioned support at $0.05.

From a technical perspective, the ongoing sideways trading could take precedence in the coming sessions, maybe even a week unless WRX finds a key catalyst. For instance, the consolidation is taking place in the apex of a symmetrical triangle pattern. If the bulls are able to overcome the pattern’s resistance, then WRX/USD can have the path to $0.20 cleared due to a technical breakout.

Indicators such as the Relative Strength Index (RSI) are moving horizontally around the average to show that the bullish and bearish pressures are canceling out. This means that the triangle pattern can lead to either a breakout or a breakdown depending on who among the bulls and the bears is stronger. On the downside, support is anticipated at $0.10 and $0.05.

WRX/USD daily chart

Wazirx Intraday Key Levels

Trend: Sideways action – possible consolidation before breakout

Volatility: Low

Resistance one: $0.1500

Resistance two: $0.2337 (all-time high)

Support one: $0.1000

Support two: $0.0500

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.