Wrapped Bitcoin Price Analysis: Will WBTC again Showcase its Potential?


  • WBTC price flashes signs of bullishness on 7-days price chart.
  • Wrapped Bitcoin(WBTC) records upswings today.
  • The current trading volume of Wrapped Bitcoin is at $104,599,363.00.
  • Wrapped Bitcoin’s EMA(10) shows a upward trend.

03 October 2022 : In this article we will walk you through Wrapped Bitcoin price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Wrapped Bitcoin, Is WBTC a good investment? Wrapped Bitcoin support & resistance levels etc. But before diving deep into the WBTC technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.34 percent, bringing the entire cryptocurrency market to $938,830,502,746. The total trading volume stands at $54,009,734,740. Bitcoin shares 39.71 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,450.15 level after an upward movement of 1.31%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 1.9 percent reaching to $1,322.05 during the previous 24 hours.
While publishing this blog, BNB traded at $287.54, following a price change of 1.58% within the same time frame. XRP the native coin of XRP is down by -1.21 and currently trading at $0.45. Additionally, Cardano reached $0.43 after seeing a uplift of 0.12% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Wrapped Bitcoin Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Wrapped Bitcoin (WBTC)

WBTC Resistance Levels WBTC Support Levels
Resistance Level 1 $20,057.70 Support Level 1 $18,742.02
Resistance Level 2 $20,774.55 Support Level 2 $18,143.19
Resistance Level 3 $21,373.38 Support Level 3 $17,426.34

Wrapped Bitcoin Performance

WBTC has recorded a upsurge, gaining 1.3% in last 24 hours. The current value of Wrapped Bitcoin is hovering at $19,438.81 with the trading volume of $104,599,363.00 USD in the same timeframe. The overall marketcap for WBTC is $4,759,717,351.00 USD while the coin price changes 2.1% over the week.

Wrapped Bitcoin Price Analysis

WBTC price analysis for 03 October 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Wrapped Bitcoin.

Moving Averages Price Indicator
Simple Moving Average (10) 19,241.15 Buy
Exponential Moving Average (10) 19,253.13 Buy
Simple Moving Average (20) 19,409.01 Buy
Exponential Moving Average (20) 19,399.30 Buy
Simple Moving Average (50) 20,489.82 Sell
Exponential Moving Average (50) 20,443.44 Sell

The first support level for Wrapped Bitcoin is at $18,742.02 while the second one is at $18,143.19. While taking about resistance the WBTC has R1 and R2 at $20,057.70, $20,774.55 respectively. RSI implying consolidation phase while trading at 49 and is trying to break out of the neutrality zone. While WBTC’s Williams %R indicator is at -50.813 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The MACD line is standing above of the signal line after a positive crossover. Wrapped Bitcoin investors need to wait for any directional change over the daily chart.

Conclusions

As of now, Wrapped Bitcoin is doing well and is attempting to break out of the reddish zone. In order to invest in the digital currency, crypto investors want to see the WBTC move into the positive zone. As far as we can tell, Wrapped Bitcoin is on its way up. In 2022 and beyond, the Wrapped Bitcoin price has a significant likelihood of rising. It's important that you do your own research before making a decision on whether or not this is a smart investment for you.