WazirX Price Analysis: WRX/USD Consolidating Ahead Of Triangle Breakout To $0.20
- 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
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
A triangle support breakout is in the offing as WRX/USD consolidates under $0.15.
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Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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
Published at Wed, 20 May 2020 11:05:37 +0000
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