Wrapped Bitcoin (WBTC): How Does it Rank Tuesday on Long-Term Trading Metrics?

Tuesday, June 06, 2023 11:13 AM | InvestorsObserver Analysts

Wrapped Bitcoin receives a weak long-term technical score of 14 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 14% 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 14 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

Wrapped Bitcoin's price is -$947.0800000 (-3.51%) below its 100-day moving average price of $26,977.680000000 as its price at the moment sits at $26,030.610000000. Additionally, WBTC is $10,511.7300000 (167.66%) higher than its 52-week low price of $15,518.880000000 while -$5,555.29000000 (82.38%) under its 52-week high of $31,585.890000000. The current trading price in relation to its long-term average along with its 52-week high and low, gives WBTC an average long-term technical score of 14. Long-term trading movement of Wrapped Bitcoin suggest that investors are bearish on the token at the moment. Wrapped Bitcoin currently has a total market cap of $4,077,127,341.11 to go along with its average daily volume of $1,401,535,017.73 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 186,286,951.23 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

Trading patterns over the last year for Wrapped Bitcoin leads to the token's a weak long-term technical score of 14 as its consistency, volatility, and relation to long-term averages has given investors reason to be bearish on the token. Click Here to get the full Report on Wrapped Bitcoin (WBTC).