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Should You Buy Wrapped Bitcoin (WBTC) Thursday?

Thursday, January 13, 2022 02:47 PM | InvestorsObserver Analysts
Should You Buy Wrapped Bitcoin (WBTC) Thursday?

InvestorsObserver gives Wrapped Bitcoin a strong long-term technical score of 73 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 73% 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 - 73
InvestorsObserver is giving Wrapped Bitcoin a 73 Long-Term Technical Rank. Find out what this means to you and get the rest of the rankings on Wrapped Bitcoin!

Trading Analysis

The current trading price of $42,786.180000000 for WBTC is -$11,787.8100000 (-21.60%) below the tokens 100-day moving average of $54,573.990000000. WBTC meanwhile is $13,734.3900000 (147.24%) above its 52-week low of $29,051.790000000 and -$119,402.07000000 (26.37%) 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 a strong long-term technical score of 73. The price movement and range of WBTC suggest that investors are neutral on the token at this time. Wrapped Bitcoin currently has a total market cap of $11,418,807,060.20 to go along with its average daily volume of $1,320,665,821.56 worth of the currency over the past seven days. WBTC's volume is below its seven day average as of the past 24 hours, with 188,282,278.56 exchanged in that period. 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

WBTC's historical trading over the past year gives it a a strong long-term technical score of 73 as its price movement in that time has given investors reason to be neutral on the token in the long-term. Click Here to get the full Report on Wrapped Bitcoin (WBTC).

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