As a seasoned researcher who has witnessed the cryptocurrency market’s rollercoaster ride for years, I must say, the WazirX token’s performance on Dec 3 was nothing short of spectacular! With its long God candle formation and a staggering 255% surge from its lowest point this year, it was like watching a phoenix rise from the ashes.
WazirX token was one of the best performers on Dec. 3 as it formed a long God candle.
On March 14, WazirX (WRX) price reached an all-time high of $0.3500, marking a 255% increase from its lowest point this year.
The rally took place after the developers announced news regarding the ongoing legal matters stemming from their system’s hack in July.
As a researcher, I’m sharing some insights here: Recently, the developer has petitioned the Singapore High Court to assemble a scheme meeting. This significant move paves the way for final distributions, as it presents the most expedient recovery option that ensures fairness and equity for all creditors. Moreover, this decision is legally binding, providing a solid framework for the resolution process.
The disbursements will occur within ten business days following the approval of the plan by both creditors and the court in Singapore.
After developers announced an update on asset rebalancing, the WazirX price increased. In this update, they mentioned that they were in the middle of rebalancing tokens within their exchange, which is a significant move leading towards the transfer of final allocations to cold wallets.
A series of incidents occurred approximately a few months following a significant hack on WazirX, a well-known cryptocurrency exchange at that time. The hack resulted in the theft of around $235 million, with some crypto experts speculating it was an inside job. Authorities in Delhi apprehended a suspect believed to be involved in the cyber heist.
The value of tokens from struggling firms such as Celsius, Safemoon, and FTX Token tends to surge significantly when there’s notable advancement in the related legal proceedings.
WazirX price analysis
Today’s graph demonstrates that the WRX token experienced a robust recovery, skyrocketing by more than 260% from its lowest point this year. However, it later scaled back some of these gains, dipping to $0.30. Remarkably, it has developed a golden cross pattern, as the 50-day and 200-day Exponential Moving Averages have switched positions.
As a crypto investor, I’ve noticed that the WazirX token has surged to an overextended level, as indicated by the Murray Math Lines tool. Moreover, it seems to be gradually shaping a cup and handle pattern, with the potential peak at roughly $0.3947, which represents a 34% increase from its current position.
If buyers manage to turn the significant overvaluation level at $0.35 into a support, it’s probable that the WRX price will keep climbing. On the other hand, a fall beneath the robust reversal level at $0.20 would contradict the bullish outlook.
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2024-12-13 20:22