- The WBTC token will become bearish if the price falls below $27000.
- It is currently trading at $27614 with a rise of 0.46% in the intraday sessions.
- The token is down by 58.74% from the all-time high.
The WBTC token was rejected from the resistance level of $28100. Presently, it took support from the trendline. It is highly expected that it can break the resistance this time. The WBTC coin has marked its yearly high of $31678.
The token has marked its all-time high on 16th Nov 2021, when the token was priced at $67011.
It is currently trading with a drop in the trading volume by 18.06% in the last 24 hours.
The present market capitalization of the token is $4.50 Billion. It has a circulating supply of 163,106 WBTC and the total supply is circulating in the market. The 24-hour trading volume is $64.12 Million.
Sentiment Analysis
The total market volume has declined by 27.32% in the last week. Total social engagements have surged by 133.3% and the total bullish sentiments have increased by 111.9%. Overall sentiments indicate more towards a bearish side as the volume is the main factor, which is here on the negative side and can affect the price.
However, If the volume starts to increase, the price can act bullish and move upwards.
Technical Analysis Of WBTC (Daily-1D)
Earlier, The price took support from the level of $25500 and got bullish and went to the $31900 level. It gave roughly a 25% upward move. The price then got rejected from the $31500 level and started falling. The price also went down below the 50-day EMA.
In the second attempt, the price again took support from the same support level of $25500. It got an upward movement to $29400, but the sellers pushed the price down again.
In the third attempt, the price again took support from $25500 and started to move on a bullish trendline. The WBTC token price was rejected from the $28100 level of resistance.
Currently, the price is trying to take the support from the trendline and support level of $27000 to 27300. If the price loses the support from the trendline and the 50-day EMA, it can fall down to the support level of $26000 and further to $25500.
However, if the price closes above the trendline in the daily timeframe, it will be a positive sign for the upward movement. The bulls have to keep an eye on the resistance level to break the resistance and move further in the upward direction.
What Do Indicators Say About the WBTC Coin?
Relative Strength Index (RSI)
The RSI line is presently moving at 55.51 points and the SMA 14 is moving at 58.29 points. The RSI indicates a balanced market sentiment. SMA 14 moving above the RSI suggests a positive bullish move.
Moving Average Convergence/Divergence (MACD)
The fast blue line moving average is moving above the red slow line moving average. The histogram is showing significantly falling low volumes which suggests a bearish move in the price.
WBTC LIVE CHART
Conclusion
The overall analysis of WBTC suggests that if the price falls below the trendline and loses the support from the 50-day EMA, it can be bearish. In an opposite scenario, if the price successfully takes support from the trendline, moves above with a good volume, and breaks the resistance of $28100, the WBTC coin price can be bullish.
Technical Levels
Support Level: $27000 to $27300, $2600 and $25500
Resistance Level: $28100, $29400 and $31500
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.
