- 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.
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
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