/ WazirX’s $WRX coin soars +38% in a day, surging to $0.1312 – Learn how it broke out of a descending triangle pattern.
By Nilesh Hembade
Date: 16 Oct, 2023 10:43 AM IST
In the world of cryptocurrencies, a remarkable surge by the native token of WazirX, the $WRX coin, has captured the attention of traders and enthusiasts alike. Over the last 24 hours, $WRX has experienced a stunning increase of +38%, with the coin currently trading at $0.1312. This surge has elevated its market capitalization to a solid $50 million, firmly establishing its presence in the competitive crypto market.
As of the time of writing, WazirX’s WRX coin has secured the second position on the “Top Gainers” list on Coinmarketcap, just behind Stratis’ $STRAX token, which has made an impressive +57% gain in the same day, taking the lead. It’s quite evident that the cryptocurrency market is experiencing some exhilarating moves, and WRX’s ascent is a noteworthy example of this dynamism.
The surge in the value of WRX can be attributed to a recent breakout on its price chart. An analysis of the WRX chart reveals that the coin was in a Descending Triangle Pattern until recently. This pattern is typically indicative of a period of consolidation and uncertainty, often leading to a substantial price movement when it is eventually broken.
On October 15th, the WRX coin managed to break out of this Descending Triangle Pattern, marking a significant turning point. The downtrend trendline, which had been limiting its progress, was successfully breached at the $0.962 price level. This breach ignited a rally, propelling the price of WRX to as high as $0.1629, contributing to the +38% surge witnessed over the last 24 hours.
WazirX’s WRX coin’s surge and its subsequent ranking on the Top Gainers list are indicative of the cryptocurrency market’s inherent volatility and the quick movements that can occur within it. It also underscores the importance of technical analysis for traders, who are constantly searching for patterns and trends that may indicate future price movements.
Disclaimer: The information provided is for educational and informational purposes only. It does not constitute financial or investment advice. Please conduct your own research before making any investment decisions.