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- WRX price fell 54% in the last two weeks, leading to a descending triangle formation.
- The WRX price recently broke the 50 EMA in the daily timeframe, and a retest might be in action.
- The price is hovering near $3, slightly above the 0.618 Fibonacci level and the support level of the descending triangle.
WAZIRX coin prices increased with a boom in buying volume from the start of April and managed to create a high of more than $6, but the rejection from that level has caused a 54% fall in WRX coin price. The price of WRX is still between 200 EMA (white) and 50 EMA (yellow) in the daily timeframe, but the momentum is weak for now, along with the RSI leading in the oversold region. The market capitalization of the WRX coin is $788,385,646 (+11.20%) and the 24 hour volume is $16,908,067 (-20.13%).
FALLOUT EXPECTED OF DESCENDING TRIANGLE
WRX coin price has been bottling up inside a descending triangle candlestick pattern from 5th April when the price got rejected from the $6 level. The constant support zone near $3 has managed to keep from falling. This pattern breakout could lead to a price close to $4.50 or higher as $5.50. The fallout indicators imply the downfall of this pattern to $1.80 or even low as $1.00. The decreasing volume inside the pattern might lead to fallout.
The price is below 50 EMA but above 200 EMA for now. A bearish crossover could be expected soon, leading to a breakout of the pattern.
The RSI and ADX are sloping downward and causing a loss in momentum along with the threat of oversold.
Conclusion
The descending candlestick pattern will be crucial In deciding the next trend. Early traders must be careful as false breakouts could lead to putting traders on the opposite side of the trend.
Support- $1.8, $1 along with mentioned levels.
Resistance – $4.5, $5.5
