WBTC Coin Price: Technical Analysis of the Wrapped Bitcoin
- 1 WBTC coin is surfing the bullish rally of the cryptocurrency market.
- 2 The indicators are currently bullish and the WBTC coin is about to break a major resistance level.
- 3 The 50-day EMA is at $28167 and the 150-day EMA is at $29576.
The bullish rally of Wrapped Bitcoin (WBTC) ended in August when the bears were successful in forcing a lower high below the trendline. This started a consolidation pattern which continued till mid-October. When the BlackRock ETF news ran through the globe, WBTC also surfed the bullish rally. This resulted in the coin rising past the major supply zones.
WBTC Coin Price Technical Analysis and Prediction
At press time, WBTC coin trades at the level of $34365. Over the past 12 days, the market has seen bullish candles, leading to an increase in buying volume for WBTC. This was a result of the ETF news in cryptocurrencies. This surge in demand was also a result of the bulls breaking the resistance level of $28255 on 20th October.
It’s worth noting that the coin has experienced a remarkable 26% surge in just 12 days. Furthermore, the bulls have successfully broken the resistance level of $31316, which is now acting as a strong support for them.
Indicators Still Bullish for WBTC
Furthermore, the relative strength index (RSI) has exceeded the overbought limit of 70 and currently stands at 79.7. Additionally, the simple moving average (SMA) line has almost reached nearly 73.2. The moving averages, which are one of the leading indicators, also provide significant insights.
The 50-day EMA and 150-day EMA have shown a bullish crossover on 20 October. Moreover, the price action has remained above it in the last ten days. The 50-day EMA is at $28167 and the 150-day EMA is at $29576.
WBTC Price Prediction
The WBTC coin is trading at its immediate resistance level of $34352. After a six-month downtrend, the bulls have broken out and successfully passed two primary resistance levels. While some corrections may occur, the gap between the RSI and its SMA suggests that the bulls are still holding onto the current levels, trying to break the current supply zone.
The shorter time frame in the graph indicates that the bullish rally is continuing. However, it might happen that before breaking past this resistance, the bull will do some support testing. Hence, the WBTC price projection will still be bullish as the overall crypto market has been green recently.
Conclusion
Wrapped Bitcoin (WBTC) started rising after the Blackrock ETF news came into the market. This bullish rally broke two significant resistance levels that pushed the price to its new immediate resistance level. The RSI, as well as the EMAs, are indicating a strength in the bullish price. However, the prediction is slightly bearish as it is predicted that the bears can test the current support level.
Technical Levels
- Support Levels: $31,316 and $28,255
- Resistance Levels: $34,472 and $37,773
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in coins, cryptos or related indexes comes with a risk of financial loss.