WazirX Price Prediction 2021. Will it ever hit $10?
WazirX’s native utility token is WRX. It is designed as the foundation of the entire WazirX ecosystem. Binance Chain, Binance’s own blockchain, is used for the circulation and issuance of the token. WazirX is an India-based cryptocurrency exchange that allows you to buy, sell, and trade digital assets such as Bitcoin, Ethereum, Litecoin, and Ripple. The existence and viability of WazirX as a crypto exchange depend on WRX tokens. As the popularity of WazirX grows in India, investing in WRX will be beneficial to both investors and WazirX.
This blog is about its WazirX price prediction and is totally based on technical analysis done.
What are WazirX coins?
WRX is a digital asset, similar to Bitcoin. There will be a total of just 1 Billion WRX coins, and with that only we expect the value, profit, and liquidity of WRX to skyrocket over time. By purchasing WRX Coins through the WazirX Registration and Referral Incentive Program, you will become an early adopter of the Coins and we hope that you will benefit from the ever-increasing use and demand for the Coins. The exchange token of the WazirX exchange is WRX. The token entitles you to fee reductions and other benefits. WRX was founded as a company with the main goal of engaging the community in the development of WazirX and then rewarding them for their contributions. Each produces a total of 1 Billion WRX coins.
What is WazirX?
WazirX is considered the fastest-growing crypto exchange platform in India with over 400,000 users. However, it launched in 2018 with an average app rating of 4.6. Furthermore, WazirX is also part of the Binance platform. More so, WazirX and Binance made more than $ 50 million in blockchain for the India Fund. Also, the exchange is available to the global audience. The functions that are most important are listed below.
- Instant deposit and withdrawal options for INR (Fiat)
- Smart Token Fund, which helps crypto investors find experienced traders and allows them to manage their cryptocurrency portfolio
- The world’s first highly liquid automated P2P engine
- More than 80 tokens
- Registration via Binance Option
Current market status
I am writing WRX price analysis as of September 2021. WRX is trading at $ 1.16 with a 24-hour trading volume of $ 27,416,461. The price of WRX has risen 3.91% in the last 24 hours. Additionally, WRX has a current outstanding quantity of 293,763,596.01 WRX. At this moment, the top cryptocurrency exchanges for WRX are Binance, FTX, HitBTC, Bitcoin.com Exchange, and Gate.io. Now, let’s move on to the next part of this technical analysis of WRX for 2021.
WazirX Price Analysis 2021
WRX is currently ranked 115th on CoinGecko. But will the latest updates, developments, and changes to the WRX blockchain help the cryptocurrency price rise? Let’s move on to the charts on this WRX price prediction blog.
In the chart above, set on a daily time period, we can see the trend pattern of the channel. A descending channel is price movement that occurs through a downward sloping parallel line. The chart also shows the lower highs and lows of this price pattern. Furthermore, this pattern represents a short-term downtrend. This is an important indicator as WRX has been bearish for the last month. Therefore, the descending channel pattern suggests that WRX will eventually turn bearish. For the foreseeable future, we can say that WRX has a higher probability of turning bearish than bullish. As shown above, WRX went from bearish to bullish earlier this month. This is the result of the high volume of trading that took place during this period.
Since the beginning of 2021, the price of WRX has seen many upward movements that are higher than the previous one. Furthermore, fluctuations, consolidations, and corrections immediately follow. With that in mind, WRX has a competitive market in 2021.
WazirX (WRX) Price Prediction 2021
The graph below shows that WRX has done a great job in recent days. Also, the WRX price shows a downtrend. If this trend continues, WRX could run with the bears, break above its $ 0.6 support level, and move lower.
Conversely, if investors turn against cryptocurrencies, the bulls could take over and pull WRX out of its uptrend position. In simpler terms, the WRX price could rise to almost $ 6.7, a bullish sign.
Meanwhile, our long-term WRX price prediction for 2021 is bullish. There is a high probability of it reaching at new heights. However, this will only happen if many previous psychological resistances are broken.
WazirX has a bright future ahead in 2021. With the continued developments in the WRX ecosystem, as well as the broader crypto market, we can see WRX reaching new heights. The Bullish WRX 2021 price prediction is $ 10. As mentioned above, it can even go as high as $ 10 if investors have decided that WRX is a good investment in 2021, alongside major cryptocurrencies like Bitcoin and Ethereum.