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Wrapped BTC Price Analysis: WBTC Token Price Cuts To Half Within Two Months MIght Break The $30000 Level Soon

  • WBTC token falls almost 50% within the past two months as the fear in the crypto market increases.
  • WBTC Token creates long tails in the weekly chart projecting the effort of the bulls to protect the $30000 mark.
  • The WBTC/ETH pair rose 1.87% in the past 24 hours as it trades at 17.91 ETH.
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WBTC Token price reached the heights of $60000 in April due to excessive greed-induced buying. However, fear has taken over the market since then, and the WBTC token price trades just above the $30000 mark.

As per the price action, any bullish movement may find opposition near the $35000 and the $40000 mark. However, upon failure of the $30000 mark, Bears may drive the price down by 10000 points.

Presently, the WBTC token trades at $32,764, with a gain of 5.43% in the market cap in the past 24 hours. Furthermore, the intraday trading volume of the coin has fallen 10.32%, projecting a rest among investors before a sharp move.

Death Cross Influencing Downfall In WBTC Token Price Chart

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In the daily technical chart of the WBTC Token, the evening star pattern formed just above the 200 EMA indicates a bearish takeover. However, the coin price consolidates just above the $30000 mark, projecting the efforts of bullish sentiment leaders.

The coin price moves below the 200 EMA in the daily technical chart, with a bearish crossover of the 50 and 100 EMA opposes all bullish movements. Furthermore, the death cross possibility increases as the 50 EMA falls.

The ADX indicates a fall in the trend momentum, but the breach of support level might reinstate it. The RSI indicator (Slightly Bearish) shows a rising bearish sentiment as the RSI line creates lower lows and might soon head deeper into the oversold zone. 

Conclusion – According to the Technical Analysis of WBTC Token, the coin price indicates a rising bearishness, and bulls try their best to hold the superior level of $30000. Investors may find it beneficial to avoid any bullish entries as the market is highly volatile. 

Support– $30000 and $20000

Resistance – $35000 and $40000