Wrap Technologies Stock: Is WRAP Price Ready for a Bull Run?

• The WRAP share is currently trading at $1.74.
• The stock price has recently given a breakout from its various resistances.

Wrap Technologies (NASDAQ: WRAP) company is a public safety service provider. It deals in the designing and manufacturing of security products for law enforcement and security personnel. The firm produces products like Bola WRAP Remote Restraint Device and WRAP Reality.

Wrap Technologies Inc. (WRAP) Stock Analysis

WRAP’s share price opened its last intraday session at $1.74 with a gain of 2.37% and closed its intraday session at $1.74 and had a gain of 23.40%. The stock was traded with a volume of 342.367K in its last trading session. It is a small-cap company with a market capitalization of worth of 75.2 Million USD.

Are Bulls Taking Control of WRAP’s Price in 1-Day Timeframe?

In the last trading session, the WRAP’s price formed a strong bullish candle and gave the breakout of the descending trendline and $1.55 level which restricted its further rise. It is currently heading to test the $2.00 resistance level and $1.55 could act as support now.

The price has also given the breakout of the 50-day EMA and 100-day EMA lines at the same time. This shows the bulls have applied high pressure which has taken control of the price from the bears.

The Relative Strength Index is at 65.94 which is marked in the bullish territory. The RSI line has shown a stiff rise which shows the high buying pressure being applied by the bears.

The Volume bar has spiked up in the last trading session and is showing a volume a trading volume of 342.367K. This shows the price was trading with a very strong momentum. In the current scenario, the WRAP share price has given the breakout of the descending trendline, both EMA lines and the $1.55 horizontal level resistance. So it has a higher chance of reaching its $2.00 resistance if the next candle closes above the current candle high then it will reach its $2.00 resistance. However, for the continuation, the uptrend price must give the breakout of the $2.00 resistance, after which it may reach its next resistance at $2.50.

As long as the price trades above $1.55 the strong bullish sentiment will remain in the market. So bears must close the price below this level to regain its bearish sentiment. After which the price will again fall to retest its $1.31 level again. If the price also gives the breakdown of the $1.31 level, it may fall to its next support level at $0.9509.

Conclusion

The WRAP price future prediction is bullish as it is showing signs of a bullish rally in the upcoming trading sessions. The price has recently given the breakout of the various resistances which was stopping the price from its further rise such as 50 and 100 EMA lines, $1.55 resistance, and descending trendline. So the WRAP share price may rise if the bullish follow-up comes in the upcoming trading session.

Technical levels

• Resistance Levels: $2.00, and $2.50.
• Support Levels: $1.55, $1.31, and $0.9509.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.