- WBTC has been making higher highs since the start of 2021, but the momentum of the uptrend is slowing.
- WBTC coin price is taking support near the 50 EMA in the daily timeframe
- A low of $51000 could be expected if this support level breaks
WBTC coin price has been on an uptrend since 2021, but now the price has started to lose momentum. Currently, the price is holding near 50 EMA (yellow) in the daily timeframe. The 100 EMA (white) is below, implying an uptrend in play. ADX and RSI both indicators are falling in value in the daily timeframe. The market capitalization of the WBTC is $8,515,517,656 (+2.42%) and the 24 hour volume of the coin is $197,705,292 (+13.76%).
Is it the end of higher highs?
WBTC coin has seen a downtrend of more than 15% in the last few days. A trend line break is seen this week as the price fell from $60000. A strong support zone near $52500 has maintained the price higher. The fallout from this level will result in a major pricefall in WBTC coin price. Currently, the price is trading close to $55500. A breakout is not expected yet but if it occurs, resistance level near $62000.
The market price is below 50 EMA and the 200 EMA implying start of downtrend. A bearish crossover of 50 & 200 EMA could drive the price lower.
Increasing slope of the RSI and the saturation in ADX values indicates a loss in momentum and the start of the price driving from oversold to neutral.
A bearish crossover of the EMAs must be kept in mind. Also the fallout of the present support level could drive the price lower. Early traders must stay careful of long tails.
Support zone – near $52500 and $44000