Should You Buy Wrapped Bitcoin (WBTC) Saturday? – InvestorsObserver

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Saturday, May 06, 2023 07:08 PM | InvestorsObserver Analysts

InvestorsObserver gives Wrapped Bitcoin an average long-term technical score of 58 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 58% 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.

Trading Analysis

Wrapped Bitcoin’s price is $3,106.2800000 (12.06%) above its 100-day moving average price of $25,764.760000000 as its price at the moment sits at $28,871.030000000. Additionally, WBTC is $13,352.1600000 (185.97%) higher than its 52-week low price of $15,518.880000000 while -$7,695.22000000 (78.93%) under its 52-week high of $36,566.250000000. 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 58. Long-term trading movement of Wrapped Bitcoin suggest that investors are neutral on the token at the moment. Wrapped Bitcoin has a total market value of $4,460,873,994.65 with an high average daily volume of $1,174,373,176.84 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 $164,233,202.60 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

Trading patterns over the last year for Wrapped Bitcoin leads to the token’s an average long-term technical score of 58 as its consistency, volatility, and relation to long-term averages has given investors reason to be neutral on the token. Click Here to get the full Report on Wrapped Bitcoin (WBTC).

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