What do the Long-Term Technicals Predict for Wrapped Bitcoin (WBTC) Thursday?

Thursday, March 28, 2024 06:58 AM | InvestorsObserver Analysts

Wrapped Bitcoin receives a strong long-term technical score of 67 from InvestorsObserver's research based on historical trading patterns. The proprietary scoring system weighs price movement from recent months to a year, analyzes the token's support and resistance levels, and where it is relative to long-term averages to determine whether it's a strong buy-and-hold investment opportunity. WBTC currently holds a superior long-term technical analysis score than 67% of cryptos in circulation. This ranking metric is most useful to buy-and-hold type investors looking for strong steady growth when allocating their assets. tokens with a high long and short-term technical score can help indicate assets that have bottomed out, providing investors a chance to 'buy the dip'.

InvestorsObserver is giving Wrapped Bitcoin a 67 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

WBTC is currently $19,113.5300000 (37.18%) above its 100-day moving average price of $51,407.760000000 with its current price of $70,521.300000000. Meanwhile, Wrapped Bitcoin is $46,925.6100000 (298.83%) above its 52-week low price of $23,595.690000000 and -$2,984.44000000 (95.93%) below its 52-week high of $73,505.730000000. The current price relative to its moving average and 52-week high and low leads to a strong long-term technical score of 67. Trends for the long-term trading history of Wrapped Bitcoin suggest that traders are currently neutral on the token. Wrapped Bitcoin has a total market value of $10,960,188,264.80 with an high average daily volume of $2,703,857,424.35 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 $299,434,833.45 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 strong long-term technical score of 67 as its price movement in that time has given traders reason to be neutral on the token in the long-term. Click Here to get the full Report on Wrapped Bitcoin (WBTC).