Should You Buy Wrapped Bitcoin (WBTC) Saturday? – InvestorsObserver

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Saturday, December 10, 2022 12:19 PM | InvestorsObserver Analysts

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 take into account the historical trading patterns from recent months to a year of the token’s support and resistance levels, in addition to where it is relative to long-term averages. The analysis helps to determine whether it’s a strong buy-and-hold investment opportunity currently for traders. WBTC at this time has a superior long-term technical analysis score than 27% of crytpos in circulation. The Long-Term Rank will be most relevant to buy-and-hold type investors who are looking for strong steady growth when allocating their assets. Combining a high long and short-term technical score will also help portfolio managers discover tokens that have bottomed out.

Long-Term Technical - 27

InvestorsObserver is giving Wrapped Bitcoin a 27 Long-Term Technical Rank. Find out what this means to you and get the rest of the rankings on Wrapped Bitcoin!

Trading Analysis

WBTC is currently -$1,654.9700000 (-8.80%) below its 100-day moving average price of $18,816.810000000 with its current price of $17,161.840000000. Meanwhile, Wrapped Bitcoin is $1,642.9700000 (110.52%) above its 52-week low price of $15,518.880000000 and -$34,344.86000000 (33.30%) below its 52-week high of $51,506.700000000. 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 value of $3,434,850,405.03 with an high average daily volume of $570,855,639.14 worth of the currency exchanged over a typical 24 hour period. As of the past 24 hours, WBTC’s volume is below its 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 can be a cryptocurrency represented on a different blockchain, or it can be another kind of asset, such as a stock or commodity. This allows crypto traders access to non-crypto assets and trades on one change to get exposure to assets on a different chain.

Summary

Technical analysis of Wrapped Bitcoin over the past year results in the crypto receiving a a weak long-term technical score of 27 as its price movement in that time has given traders reason to be bearish on the token in the long-term. Click Here to get the full Report on Wrapped Bitcoin (WBTC).

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About the Author: Kate