Wrapped Bitcoin Prediction: Will WBTC Price Hit 50K in 2024?

• 1 WBTC is trading above the key moving averages, showing bullishness.
• 2 Wrapped Bitcoin met resistance from the 43K mark in a recent session.

Crypto WBTC is trading in bullish territory above major moving averages, showing bullish momentum. On the daily chart, the Wrapped Bitcoin cryptocurrency moved higher and staying above the key EMAs.

The price action suggests that the cryptocurrency is poised for a significant uptrend with a potential price increase in the coming sessions. Buyers are working hard to maintain these levels and show confidence in the cryptocurrency’s upward direction.

In recent trading sessions, buyers have demonstrated their strength. They also continued buying and accumulating cryptocurrencies to extend the upward trend.

Wrapped Bitcoin indicates increased buyer activity in the market. Moreover, the price action is still making higher highs and higher lows on the chart, indicating that the cryptocurrency is bullish and has no intention of slowing down.

The structure of the chart shows that buyers are driving the trend and the cryptocurrency is gradually approaching the $43K mark. Additionally, sellers found themselves in a defensive position after breaking multiple resistance levels above key EMAs with significant vertical gains over the last few trading sessions. Investors are showing strong intent to continue this upward trend.

At the time of publication, the Wrapped Bitcoin cryptocurrency was trading at $42850.90 with an intraday increase of 1.40%, showing an optimistic mood on the chart. It also has a trading volume of $137.199 Billion and a market capitalization of $6.606 Billion.

Technical Analysis: Wrapped Bitcoin Crypto Price

Source: Wrapped Bitcoin.1D.USD by TradingView

Wrapped Bitcoin (USD: WBTC) is trading above its 50-day and 200-day simple moving averages (SMA), supporting its price momentum.

The MACD line at 141.03 and the signal line at 100.32 are above the middle line. There is a bullish crossover in the MACD chart, which indicates strong momentum in the price of the WBTC cryptocurrency.

The current RSI value is 61.92 points. The 14 SMA is above the center line at 55.61 points, highlighting the bullish nature of the Wrapped Bitcoin cryptocurrency.

Summary

Technical Oscillators Wrapped in Bitcoin (USD: WBTC) are also keeping the bullish trend. MACD, RSI, and EMAs highlight positive signals, suggesting that the upward trend in the price of the WBTC cryptocurrency may continue. Price action suggests that investors and traders are optimistic on a daily basis. Price movements showcase the present positive outlook.

Technical Levels

Support Level: $40355.87

Resistance Level: $44924.38

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.

Andrew Smith

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.

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