- WazirX gets ready for liftoff to $0.15 after breaking above the ascending channel's middle boundary.
- The supports WRX's outlook on the 4-hour chart.
- A correction will come into the picture if WRX fails to close the above the channel's middle boundary.
At the time of writing, WRX is exchanging hands at $0.12. This follows a breakout above the ascending parallel channel's middle boundary resistance. Buying orders will likely continue to surge in the wake of the breakout. The leg has the potential to quickly extend to the channel's upper edge around $0.15.
The outlook has been reinforced by the Moving Average Convergence Divergence ( ). This indicator tracks an asset's trend and measures its moment. Traders and investors can also employ the technical indicator when identifying selling the top and buying the bottom positions.
When the line (blue) crosses above the signal line, it is advisable to buy the asset. On the other hand, a call to sell comes when the line crosses below the signal line. In this case, WRX is still in the buy zone, especially after breaking above the channel's middle boundary resistance.
Simultaneously, another signal is the expanding gap between the 50 ( ) and the 100 on the 4-hour chart. A wide gap has been formed when considering the 200 in the same timeframe. In other words, the trend is in favor of a impulse.
It is worth mentioning that the outlook to $0.15 will be invalidated if WazirX fails to sustain the position above the middle boundary of the . Trading in the lower band of the channel could trigger losses towards $0.1 or the lower edge.
WazirX intraday levels
Spot rate: $0.127
Percentage change: -0.01%
Support one: Middle boundary of the channel
Support two: The 50 on the 4-hour chart
Resistance one: $0.14
Resistance two: The upper edge of the channel