The post Here are WRX’s recovery odds from $0.10 after Binance delisting appeared on BitcoinEthereumNews.com.

Binance’s delisting of WRX reflects unresolved disputes and regulatory risks, causing a 56% price crash. Market metrics confirm WRX’s bearish trend, with oversold RSI and critical support nearing $0.0869. In a dramatic turn of events, Binance’s decision to delist WazirX [WRX], Kaon [AKRO], and Bluzelle [BLZ]  has led to a sharp decline in their values, with WRX plunging 56% at press time to $0.1006. The fallout from this announcement extends beyond price action, shining a spotlight on the unresolved Binance-WazirX dispute and raising questions about regulatory risks tied to these tokens. What happened between Binance and WazirX? The Binance-WazirX relationship has been controversial since Binance claimed to acquire WazirX in 2019, only to deny full ownership in 2022. The conflict escalated after regulatory scrutiny of WazirX in India, leading to allegations of money laundering and $235 million in hacking incidents. Recently, the Delhi High Court ordered a fresh investigation into WazirX’s breach, adding to the exchange’s woes. This delisting by Binance signals a further breakdown in the relationship. For WRX, the native token of WazirX, the delisting removes one of its critical trading platforms, diminishing its liquidity and investor appeal. WRX’s freefall: What do the charts say? WRX’s 56% dip within 24 hours highlights the token’s vulnerability. At press time, the token was trading at $0.1006, with a market cap of $38.42 million, down by 56.27%. Trading volume spiked by 550%, suggesting significant panic selling. From a technical perspective, WRX has broken key support levels, with immediate support at $0.0869 and resistance at $0.1181. The RSI (Relative Strength Index) dropped to 34.9, reflecting oversold conditions. The Moving Average (MA) cross (9, 21) shows a sustained bearish trend at $0.2168 and $0.2129. The delisting, combined with regulatory uncertainties, paints a bleak picture for WRX’s recovery. Investor confidence is at an all-time…

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Filed under: News - @ December 20, 2024 12:15 am