The WRX token, the native cryptocurrency of the WazirX exchange, has been on a tumultuous journey over the past 10 days. Following a sharp 90% decline, WRX hit a critical support level at $0.0144 on December 25. Despite showing a 53.46% recovery in the last 24 hours, bringing its price to $0.01873, the token remains down by a staggering 88.08% over the past week.
WRX has crashed over 95% in the last 10 days.
— Mihir (@RhythmicAnalyst) December 25, 2024
Technically, it has hit support at 0.0144.
It will be interesting to observe its recovery from this point onward.#WRX $WRX #Crypto pic.twitter.com/gCQnQepuIa
The Impact of Binance Delisting
WRX’s freefall began on December 18 when Binance announced its decision to delist the token. The news sent shockwaves through the market, leading to a dramatic 40% plunge within just an hour. The delisting marks a significant setback for WazirX and its community, exacerbating the challenges faced by the Indian cryptocurrency exchange amidst ongoing regulatory and market volatility.
Binance’s decision has raised questions about WRX’s future viability and investor confidence. For WazirX, this delisting underscores the difficulties of maintaining market relevance in an increasingly competitive and scrutinized crypto landscape.
Critical Support Levels
As of now, WRX’s survival hinges on its ability to stabilize above the $0.0144 support level. While the token’s recent 24-hour recovery is promising, analysts caution that sustained momentum is crucial to prevent further declines. If WRX fails to hold its ground, it could face additional downward pressure, potentially testing even lower levels in the coming weeks.
Also Read: WazirX Secures 4-Month Moratorium After $234M Hack – Will Users See Recovery?
What Lies Ahead for WRX?
The future of WRX remains uncertain, with its ability to rebound largely dependent on broader market conditions and WazirX’s efforts to regain community trust. While the token’s sharp recovery hints at the possibility of a turnaround, the looming shadow of Binance’s delisting continues to weigh heavily on investor sentiment.
For now, the market watches closely to see if WRX can mount a sustained recovery or if the recent rebound is merely a temporary respite in a prolonged decline. As the token navigates this critical juncture, it serves as a stark reminder of the volatility and risks inherent in the cryptocurrency market.
Investors are advised to tread carefully, as WRX’s path forward remains fraught with uncertainty.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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