Is Wrapped Bitcoin (WBTC) Trending Lower or Higher Wednesday?

Wednesday, June 15, 2022 11:11 AM | InvestorsObserver Analysts

Wrapped Bitcoin receives a weak long-term technical score of 5 from InvestorsObserver analysis. Our proprietary scoring system considers the trading patterns over the past several months to a year by analyzing the token's consistency, volatility, and where it is relative to long-term averages to determine whether it's a strong buy-and-hold investment opportunity. Currently, WBTC holds a superior long-term technical analysis score than 5% of crytpocurrencies. Long-term investors employing a buy-and-hold strategy will find the Long-Term Rank especially relevant when allocating their assets and may find additional value finding cyptos with a high short-term technical score to discover tokens that have bottomed out.

InvestorsObserver is giving Wrapped Bitcoin a 5 Long-Term Technical Rank. Find out what this means to you and get the rest of the rankings on Wrapped Bitcoin!

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Trading Analysis

The current trading price of $21,246.840000000 for WBTC is -$15,568.1700000 (-42.29%) below the tokens 100-day moving average of $36,815.010000000. WBTC meanwhile is $1,092.3400000 (105.37%) above its 52-week low of $20,154.490000000 and -$140,941.41000000 (13.09%) under its 52-week high price of $162,188.250000000. Wrapped Bitcoin's current price relative to the tokens long-term average and 52-week high and low, gives the crypto an average long-term technical score of 5. The price movement and range of WBTC suggest that investors are bearish on the token at this time. Wrapped Bitcoin has a total market value of $5,729,237,802.03 with an high average daily volume of $3,675,258,502.95 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 $516,402,978.92 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 5 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).