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What do the Short-Term Technicals Predict for NFT (NFT) Thursday?

Thursday, September 15, 2022 06:52 PM | InvestorsObserver Analysts
What do the Short-Term Technicals Predict for NFT (NFT) Thursday?

InvestorsObserver gives NFT a weak short-term technical score of 11 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. NFT has currently traded better than 11% 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.

Short-Term Technical - 11
InvestorsObserver is giving NFT a 11 Short-Term Technical Rank. Find out what this means to you and get the rest of the rankings on NFT!

Trading Analysis

NFT is $0.000000 (3.03%) above its 30-day low of $0.000000540 while $0.000000 (-14.85%) below its 30-day high of $0.00000065. In addition, NFT's current price of $0.000000557 is under its 30-day moving average price of $0.000000587, leading to a weak short-term technical score. Overall the recent trading history of NFT suggest that investors are bearish on the token at the moment.
NFT has a relatively low market cap for a token with a total market value of $20.53. NFT'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. NFT's average volume meanwhile is low with $5,158,066.58 worth of the token traded over a typical 24 hour period. NFT'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, NFT's volume is below its average with $729,449.55 exchanged. NFT's subclass Art, Collectibles and Non-Fungible Tokens: Non-fungible tokens (NFTs) are units of data stored on a digital ledger that use blockchain technology to authenticate and verify ownership. They often take the form of photos, videos, audio, and other representations of real-world items. This category also includes other tokens that are used in the buying, selling or collecting of art or certain other digital goods.

Summary

NFT's recent trading over the past month give it a weak short-term technical score as its recent price movement give traders reason to be more bearish on the token in the short-term. Click Here to get the full Report on NFT (NFT).

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