🌎 WazirX Token Sees 255% Price Surge Amid Legal Issue Update

WazirX Token Sees Surge in Price Following Update on Ongoing Legal Issues

The WazirX token was one of the top performers on December 3, with its price forming a long God candle. The WRX price jumped to a high of $0.3500, marking its highest level since March 14 and a 255% increase from its lowest point this year.

Update on Ongoing Legal Issues

The surge in the WazirX price came after the developers provided an update on the ongoing legal issues following the platform’s hack in July. In a statement, the developer announced that they had applied to the Singapore High Court to convene a scheme meeting. This move is seen as a crucial step towards final distributions, as it offers the fastest recovery solution, is fair and equitable for all creditors, and is legally binding.

The distributions are expected to be made within ten working days after the scheme is approved by creditors and the court in Singapore.

Asset Rebalancing Update

In addition to the update on the ongoing legal issues, the developers also provided an update on asset rebalancing. They noted that they were in the process of rebalancing tokens in its exchange, which will be an important step towards the final allocations to cold wallets.

These developments come a few months after WazirX, a prominent crypto exchange, was hacked, resulting in the loss of over $235 million. The incident has been viewed as an inside job by some crypto analysts, and police in Delhi have arrested a person suspected of carrying out the hack.

Cryptocurrency Tokens of Troubled Companies

It’s worth noting that cryptocurrency tokens of troubled companies, such as Celsius, Safemoon, and FTX Token, often experience a surge in price when there is a major legal progress.

WazirX Price Analysis

The daily chart shows that the WRX token has staged a strong comeback, rising by over 260% from its lowest point this year. After paring some of these gains, the token moved to a low of $0.30 and formed a golden cross pattern as the 50-day and 200-day Exponential Moving Averages flipped each other.

The WazirX token has also moved to the extreme overshoot level of the Murrey Math Lines tool and is slowly forming a cup and handle pattern. The upper side of this pattern is at $0.3947, which is about 34% above the current level.

Based on this analysis, the WRX price is likely to continue rising if bulls flip the extreme overshoot point at $0.35. However, a drop below the strong pivot reverse point at $0.20 will invalidate the bullish view.