Morning Tick
  • Latest News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Fintech
    • Altcoins
  • Market Analysis
  • Resources
  • Contact
    • About Us
    • Press Toolkit
Facebook Twitter Instagram
Morning Tick
  • Latest News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Fintech
    • Altcoins
  • Market Analysis
  • Resources
  • Contact
    • About Us
    • Press Toolkit
Facebook Twitter Instagram
Morning Tick
Altcoins

WazirX price analysis: Bullish run on WRX/USD towards $7 in an early move

Staff ReporterBy Staff ReporterUpdated:April 5, 2021 on April 5, 2021
wazirx
Illustration credit: Morning Tick
Share
Reddit Facebook Twitter LinkedIn Pinterest WhatsApp Email
Highlights
  • WazirX (WRX) spikes higher, buyers push gains past 140% in 24hrs
  • Increased trading volumes have bolstered WazirX price

The cryptocurrency market is currently trending upwards as Bitcoin prepares to retest the $60k resistance region. Besides that, upward momentum is gaining traction on some Altcoins. With over 400,000 users and an average app ranking of 4.6, WazirX reports being India’s fastest growing cryptocurrency exchange. WRX is a token that is part of the Binance community. WazirX and Binance have announced the release of a $50 million‘ Blockchain For India’ project. At the time of this post WRX/USD is consolidating gains at $4.35.

WRX is the utility token of WazirX. In the last few months, native exchange tokens have exploded in value, alongside the wider cryptocurrency markets. Cryptocurrency exchange tokens can increase both liquidity and trading activity. Exchange tokens are also used to provide fee discounts as well as rewards for traders and users such as in WazirX. Increased trading volumes have bolstered WazirX price. Nischal (WazirX ) tweeted on April 4 tweet: ‘We crossed $200 Million in daily trading volume on @WazirXindia’.

1/

We crossed $200 Million in daily trading volume on @WazirXIndia

How?

1. We believe our customers know what they want. So we listen to YOU & BUIDL

2. Highest INR liquidity ensures best crypto prices

3. Provide a simple interface

4. Focus on mission#IndiaWantsCrypto

— Nischal (WazirX) ⚡️ (@NischalShetty) April 4, 2021

WRX/USD Daily Chart

wazirx
WRX/USD Daily Chart. Source: TrandingView

WRX climbed to a high of $6.72 before being rejected at that price at the time of writing. On the 2nd and 3rd of April, the bulls tried to drive WazirX past $2.00 but were rebuffed. On the 4th of April, the bulls bought into the correction at $1.50, resuming the uptrend. The recent high of $6.72 will be the first test on the upside.

Also read: Holochain price analysis: HOT bulls surge higher to $0.03

If the recent peak of $6.72 is breached, all eyes will be on it. Another break to the upside could drive WRX/USD to new all-time highs of $10.00 within a short period, placing the psychological $6.72 level in play. In summary, the overall picture is still positive, with the RSI lingering in the overbought region. This will be called into question if the price falls below $2.0.

Also read: BitTorrent price analysis: Upside run for 7 days in a row

A break below the moving average (MA 50), on the other hand, might push WRX price down to the initial lift-off zone of $0.05, which coincides with the moving average (MA 200). If the price falls below the MA 200, the WRX bullish view will be invalidated. Such a transition would imply a change in public opinion.

Supply Levels: $10.00, $7.00, $5.00

Demand Levels: $2.56, $2.00, $1.50

An unexpected WRX break below the $3.77 zone would weaken the structure and increase downside risk. WRX/USD daily close targets are in focus to set new technical entry and exit levels for investors.

Altcoins Crypto News Featured Market Analysis
Disclaimer
Read More Read Less
The information provided on this website shouldn’t be considered as investment, tax, legal, or trading advice. Morning Tick is not an investment advisory platform, nor do we intend to be. The publication, its’s management team, or authored-by-line doesn’t seem liable for your personal financial losses, which may be due to your panic decisions based on the content we published. We strongly recommend considering our stories as just a piece of information, unlike advice, recommendations, or requests. Some of the contents may get outdated, updated, or inaccurate despite our profound editorial policies. We urge readers to do their due diligence before making any investments decision with ongoing IDOs, ICOs, IEOs, or any other kind of financial offerings. Few outbound links may be commissioned or affiliated, which helps us grow financially and maintain healthy editorial norms. For more information, visit disclaimer page.
Share. Facebook Twitter Pinterest LinkedIn Email Reddit WhatsApp
Previous ArticleBitTorrent price analysis: Upside run for 7 days in a row, BTT shrugs off sellers
Next Article Ripple (XRP) price analysis: Sellers fail to defeat bullish tone amid fresh highs past $0.73
Staff Reporter
  • Facebook
  • Twitter
  • Tumblr

Staff reporter brings the latest financial technology, cybersecurity news and tech updates.

Recommended Posts

Introducing Lucky Mystery Box, Crypto lottery based on TRON with a prize pool of 1M USDT

2 hours ago

GlobalDots joins forces with Coralogix to save companies 40-70% on full-stack observability costs, launching a debut CDN log management solution

3 weeks ago

Unplugged launches its mobile App Suite to help consumers reclaim their privacy

3 months ago

Oxford United FC joins the mental health conversation through new sponsorship

4 months ago
Add A Comment

Comments are closed.

Latest

Introducing Lucky Mystery Box, Crypto lottery based on TRON with a prize pool of 1M USDT

2 hours ago

GlobalDots joins forces with Coralogix to save companies 40-70% on full-stack observability costs, launching a debut CDN log management solution

3 weeks ago

KX.finance announces upcoming DeFi/DEX aggregator launch on APTOS/SUI blockchain

3 months ago

HyperBC Group unveils Zero interest Crypto Credit Card HyperCard, obtains Lithuanian Financial License

3 months ago

Unplugged launches its mobile App Suite to help consumers reclaim their privacy

3 months ago
Morning Tick
Facebook Twitter Instagram Pinterest RSS
  • About Us
  • Press Toolkit
  • Disclaimer
  • Contact Us
  • Privacy Policy
  • Sitemap
© 2022 Morning Tick. Disclaimer: The information provided on this website shouldn't be considered as investment, tax, legal, or trading advice.

Type above and press Enter to search. Press Esc to cancel.