Should You Buy Wrapped Bitcoin (WBTC) Saturday?
InvestorsObserver gives Wrapped Bitcoin a weak long-term technical score of 27 from its research. The proprietary scoring system takes into account the historical trading patterns of the past months to a year of the token’s support and resistance levels, as well as where it is relative to long-term averages. The analysis helps determine whether it is a strong buy-and-hold investment opportunity for traders. WBTC currently has a superior long-term technical analysis score than 27% of the chalk bags in circulation. The long-term rating will be most relevant to buy-and-hold investors looking for strong consistent growth when allocating their assets. Combining a high long-term and short-term technical score will also help portfolio managers spot tokens that have bottomed out.
Trade analysis
WBTC is currently -$1,654.9700000 (-8.80%) below its 100 day moving average price of $18,816.810000000 with current price of $17,161.840000000. Meanwhile, Wrapped Bitcoin is $1,642.9700000 (110.52%) above its 52-week low of $15,518.880000000 and -$34,344.860000000 (33.30%) below its 52-week high of $500,500. The current price relative to its moving average and 52-week high and low leads to an average long-term technical score of 27. Trends for the long-term trading history of Wrapped Bitcoin suggest that traders are currently bearish on the token. Wrapped Bitcoin has a total market cap of $3,434,850,405.03 with a high average daily volume of $570,855,639.14 of the currency exchanged over a typical 24-hour period. As of the last 24 hours, WBTC’s volume is below average with $40,922,201.22 exchanged in total. This token’s subclass Wrapped Tokens: A wrapped token is an on-chain representation of another asset. It could be a cryptocurrency represented on another blockchain, or it could be another form of asset, such as a stock or commodity. This allows crypto traders to access non-crypto assets and trade on one change to gain exposure to assets on another chain.
Summary
Technical analysis of Wrapped Bitcoin over the past year results in the crypto receiving a weak long-term technical score of 27 as the price movement during that time has given traders reason to be bearish on the token in the long term. Click here for the full Wrapped Bitcoin (WBTC) report.
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