WazirX Price Analysis: WRX Primed for a Massive Upswing to $0.15, MACD Supports Bullish Outlook

WazirX

WazirX (WRX) trading has been progressive but in a lock-step manner. Since the beginning of January, WRX has increased in value within an ascending parallel channel’s confines. The 4-hour chart also illustrates the lock-step trading pattern that WazirX keeps following.

  • WazirX gets ready for liftoff to $0.15 after breaking above the ascending channel’s middle boundary.
  • The MACD supports WRX’s bullish outlook on the 4-hour chart.
  • A correction will come into the picture if WRX fails to close the above the channel’s middle boundary.

WRX Price Analysis: WRX/USD 4-hour chart

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

At the time of writing, WRX is exchanging hands at $0.12. This follows a breakout above the ascending parallel channel’s middle boundary resistance. Buying orders will likely continue to surge in the wake of the breakout. The bullish leg has the potential to quickly extend to the channel’s upper edge around $0.15.

The bullish outlook has been reinforced by the Moving Average Convergence Divergence (MACD). This indicator tracks an asset’s trend and measures its moment. Traders and investors can also employ the technical indicator when identifying selling the top and buying the bottom positions.

When the MACD line (blue) crosses above the signal line, it is advisable to buy the asset. On the other hand, a call to sell comes when the MACD line crosses below the signal line. In this case, WRX is still in the buy zone, especially after breaking above the channel’s middle boundary resistance.

Simultaneously, another bullish signal is the expanding gap between the 50 Simple Moving Average (SMA) and the 100 SMA on the 4-hour chart. A wide gap has been formed when considering the 200 SMA in the same timeframe. In other words, the trend is in favor of a bullish impulse.

It is worth mentioning that the bullish outlook to $0.15 will be invalidated if WazirX fails to sustain the position above the middle boundary of the ascending channel. Trading in the lower band of the channel could trigger losses towards $0.1 or the lower edge.

WazirX intraday levels

  • Spot rate: $0.127
  • Percentage change: -0.01%
  • Trend: Bullish
  • Volatility: Expanding
  • Support one: Middle boundary of the channel
  • Support two: The 50 SMA on the 4-hour chart
  • Resistance one: $0.14
  • Resistance two: The upper edge of the channel

The post WazirX Price Analysis: WRX Primed for a Massive Upswing to $0.15, MACD Supports Bullish Outlook appeared first on Coingape.

Publication date: 
02/05/2021 - 20:59
Author: 
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