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Here Are WRX’s Recovery Odds From $0.10 After Binance Delisting
The recent delisting of WazirX (WRX) by Binance has sent shockwaves throughout the cryptocurrency market, causing a 56% price crash and plummeting the token to $0.1006 at press time. With this unprecedented move, it’s crucial to assess WRX’s recovery prospects from its current level.
Following the announcement, the token’s price chart presents a stark reality – a relentless bearish trend that could be detrimental to any future recovery. The Relative Strength Index (RSI) has plummeted to 34.9, indicating an oversold condition, but this might not be enough to spark a significant reversal.
WRX’s Moving Average (MA) cross at $0.2168 and $0.2129 further reinforces the bearish trend, suggesting that any potential recovery would have to overcome considerable technical resistance. The token’s inability to hold above the MA lines is a concerning sign for investors, highlighting the need for caution in the face of this delisting.
The lack of investor confidence and reduced liquidity post-delisting could prolong WRX’s downward trajectory, making it challenging for the token to recover from its current $0.10 level. This sentiment was amplified by the sharp decline in trading volume, which surged 550% at press time.
In a nutshell, WRX’s recovery prospects appear dim given the prevailing market dynamics and regulatory pressures. While a small-scale rebound is possible, any significant upside seems unlikely without substantial changes to its legal standing or operational strategy.
The author of this article is Erastus Chami
Source: ambcrypto.com
