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