Will WBTC Price Reach $30K in 2023?

Wrapped Bitcoin price prediction suggests that the WBTC crypto is on an uptrend after breaking out of the bears’ stronghold. The price is above the critical EMAs on the daily time frame. The volume declined slightly which indicates that there is a fall in buying and selling activity.

If the price gains buyers’ support at the present level, it could surge near the price of $28400 within the next few weeks whereas the immediate support level for the WBTC coin is around $27000. The price movements are relevantly more stable for WBTC crypto than other prominent cryptocurrencies as of now.

The buyers have an adequate probability of attaining the expected target if they are able to sustain the price above the key EMAs which would put the anticipated outcomes in the bulls’ favor.

Wrapped Bitcoin price has been in a bull trend for the past few months. After breaking out, WBTC crypto price has been finding consistent support from the buyers from the trendline. Observing the historical price action, it can be estimated that the 200 EMA level has been acting as a crucial demand zone for the coin.

Technical Analysis of Wrapped Bitcoin Crypto Price in 1-D Timeframe

Wrapped Bitcoin (USD: WBTC) price rose steadily last week, gaining 3.97%; and 8.62% last month. Currently, WBTC crypto is trading at $$27964.60 and has been trying to hold on to this level after an unexpected surge in price.

If it can keep this level, the Wrapped Bitcoin price could continue to go up and reach the first and second targets of $28400 and $30000, respectively. However, if the WBTC price cannot maintain this level and falls, then it might hit the closest support levels of $26087.86 and $24902.26.

Currently, Wrapped Bitcoin crypto (USD: WBTC) is trading above the 50 and 200-day simple moving averages (SMAs), which are supporting the price momentum.

However, if buying volume adds up, then the price might support bullish momentum by making higher highs and new highs. Hence, the Wrapped Bitcoin price is expected to move upward giving bullish views over the daily time frame chart.

The current value of RSI is 61.30 points. The 14 SMA is above the median line at 55.49 points which indicates that the Wrapped Bitcoin crypto is bullish.

The MACD line at 336.48 and the signal line at 210.28 are above the zero line. A bearish crossover is observed in the MACD which signals weakness in the momentum of the WBTC crypto price.

Summary

Wrapped Bitcoin (USD: WBTC) technical oscillators also support the bullish trend. The MACD, RSI, and EMAs are emphasizing positive signs and imply that the uptrend may continue in the WBTC crypto price. Price action suggests that the investors and traders are bullish on the 1-day time frame. The price action reflects a bullish perspective at the moment. However, investors and traders should wait for proper setup for the next move and avoid FOMO.

Technical Levels

Support Levels: $26087 and $24902.
Resistance Levels: $28484 and $30140.

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 is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing