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

By John Isige
Published May 20, 2020 Updated May 20, 2020
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WazirX Price Analysis: WRX/USD Consolidating Ahead Of Triangle Breakout

By John Isige
Published May 20, 2020 Updated May 20, 2020
  • 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 190th  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

WRX/USD price chart
WRX/USD price chart by Tradingview

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

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1164 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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