WazirX Coin Makes Double Top Today. What to Expect Next From WRX?

Updated: 18 July 2023

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WazirX Coin, the native crypto of India’s leading cryptocurrency exchange, has made a double top today. So where’s it headed next?

The token hit $0.13 yesterday before rallying to 0.137 at 11:00 EST for an 8% increase in 24 hours.

WazirX Coin Goes Double Top Today – A Drop Eminent?

It earlier poked through $0.15, as can be seen from this graph:

The exchange-powering crypto climbed up the charts twice during this period. Furthermore, the tokens’ performance since the last day has shown an even a bigger instance of a double top.

This chart indicates that the first major green candle started to sell off that continued for 16 hours before bouncing. Upon peaking the second time, WRX has been steadily climbing up in a jagged pattern.

While the token’s current candle is red, a major drop can’t be perceived from this. WazirX also recently announced that it is adding support for AVA on its exchange.

⚡️ AVA/INR trading is live on WazirX ⚡️

You can now buy, sell, and trade $AVA in the INR market of WazirX! @travalacom

Retweet & spread the word 🙌https://t.co/INOXHhQaYk

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 18, 2023

Reasons behind WRX’s Recent Rise

There are not many reasons that can be attributed to the recent rise of WazirX. India’s regulations regarding crypto are still pretty ambiguous. However, there could be a possibility that Bitcoin’s recent rise might be responsible.

The community itself doesn’t have any answer regarding this rise, with many on CoinMarketcap stating that their “black magic” is responsible for this performance.

WazirX Coin Price Analysis

WazirX has been trading in the red for the past three candles. That said, a long red generally mobilizes the community to rebound the value of the token. But the lack of any positive news regarding this token may bring the value of this asset down in the coming days.

It may hit $0.11 before bouncing. But the token’s MACD histogram is still positive, which does indicate a positive sentiment around this asset. WazirX Coin’s RSI, however, is right in the middle at 45 at press time, which indicates a lukewarm response.

Due to these factors, the possibility for this token to drop in value still remains. That is why some investors may want to diversify portfolios with alternatives assets.

Alternative to WazirX Coin – Mr Hankey

Inspired by the Christmas Poo episode of South Park, Mr Hankey is a character that has inspired Mr Hankey, the memecoin. Describing itself as the world’s number 1 shitcoin, this token organized a small-scale presale that was over within a single day.

The reason behind this token’s growth has been largely due to the tokens’ honest disposition about what it is and the popularity of South Park. Now, those who bought these tokens during the presale can claim them by going to the official website.

This token has been making many community-centric moves, one of which is burning 100% of the team’s tokens.

Attention 💩 heads. #mrHankey has an announcement to make.

The team has decided burn 100% of $Hankey team tokens as well.

We had a strong comeback overnight and want to keep pushing $Hankey to new highs for you all. Merry Christmas in July! #burn #memecoin #deflationary pic.twitter.com/KZdQQfCtkg

— Mr Hankey (@MrHankeythecoin) July 17, 2023

Doing so would allow it to limit the total supply of the token, creating scarcity and elevating its value. But the team has gone further and officially burned 290 million $Hankey tokens to date.

💩 We have officially burned 290 million $Hankey tokens today. #MrHankey supply has shrunken by over 25% with a supply burn of 29% now gone forever from circulation.

That's a massive turd of tokens but we know a guy.. and these pipes aren't clogging anytime soon. Stay tuned 💩 pic.twitter.com/onViWU2rGI

— Mr Hankey (@MrHankeythecoin) July 17, 2023