8Bit Doge (BITD): Does it Score Poorly on Short-Term Trading Metrics Thursday?

Thursday, March 17, 2022 01:21 PM | InvestorsObserver Analysts

InvestorsObserver gives 8Bit Doge a weak short-term technical score of 26 from its analysis. The proprietary scoring system considers the token's trading history over the past month to determine the strength of its short-term technicals. BITD has currently traded better than 26% of tokens based on these metrics. Investors focused on healthy recent trading patterns should find the short-term technical ranking system more relevant when making investment decisions.

InvestorsObserver is giving 8Bit Doge a 26 Short-Term Technical Rank. Find out what this means to you and get the rest of the rankings on 8Bit Doge!

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Trading Analysis

8Bit Doge is $0.000039 (18.73%) above its 30-day low of $0.000206371 while -$0.000405 (-62.33%) below its 30-day high of $0.00065046. In addition, BITD's current price of $0.000245018 is under its 30-day moving average price of $0.000313244, leading to a weak short-term technical score. Overall the recent trading history of 8Bit Doge suggest that investors are bearish on the token at the moment. BITD has a relatively low market cap for a token with a total market value of $634,033.10. 8Bit Doge's relatively low market value comes as it sits under $100 million while the top 100 cryptos remain above $1 billion in market cap and the top 500 sit above $100 million. 8Bit Doge's average volume meanwhile is low with $6,129.98 worth of the token traded over a typical 24 hour period. BITD's volume is relatively low as the most traded 100 cryptos typically have $100 million exchanged each day and smaller cryptos tend to sit under $5 million traded over 24 hours. As of the past 24 hours, BITD's volume is below its average with $832.48 exchanged.

Summary

8Bit Doge's trading over the past 30 days leads to its a weak short-term technical score due to recent price movement suggesting more bearish signals for traders on the token in the near future. Click Here to get the full Report on 8Bit Doge (BITD).