What do the near-term technical data predict for NFT (NFT) on Thursday?

What do the near-term technical data predict for NFT (NFT) on Thursday?

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Thursday, September 15, 2022 18:52 | InvestorsObserver Analyst

InvestorsObserver gives NFT weak short term technical result 11 from his analysis. The proprietary scoring system takes into account a token’s trading history over the past month to determine the strength of its short-term technical characteristics. NFT currently traded better than 11% of tokens based on these metrics. Investors focused on healthy recent trading patterns should find the short-term technical ranking system more relevant when making investment decisions.

What do the near-term technical data predict for NFT (NFT) on Thursday?
InvestorsObserver gives NFT a 11 short-term technical rating. Find out what this means for you and download the rest of the rankings on NFT!

Trading analysis

NFT is $0.000000 (3.03%) above its 30 day low of $0.000000540 while $0.000000 (-14.85%) below its 30 day high of $0.00000065. Additionally, NFT’s current price of $0.000000557 is below the 30-day moving average price of $0.000000587, leading to a weak short-term technical result. Overall, NFT’s recent trading history suggests that investors are currently bullish on the token. NFT has a relatively low market cap for a token with a total market value of $20.53. The relatively low market cap of NFTs comes as it is below $100 million, while the top 100 cryptocurrencies remain above $1 billion in market cap and the top 500 above $100 million. Average NFT volume, meanwhile, is low with $5,158,066.58 worth of tokens traded in a typical 24-hour period. The volume of NFTs is relatively low as the 100 most traded cryptocurrencies typically exchange $100 million each day and smaller cryptocurrencies tend to be under $5 million traded in 24 hours. In the last 24 hours, NFT’s volume is below average with $729,449.55 exchanged. NFT’s Subclass Art, Collectibles, and Non-Fungible Tokens: Non-fungible tokens (NFTs) are units of data stored in a digital ledger that use blockchain technology to authenticate and verify ownership. They often take the form of photos, videos, audio, and other representations of things in the real world. This category also includes other tokens used to buy, sell, or collect art or certain other digital goods.

Summary

NFT’s recent trade over the past month has given it a weak short-term technical score, as its recent price action gives traders reason to be more bearish on the token in the short-term.

Click here to get the full report on NFT (NFT).

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