Is NFT (NFT) Heading the Wrong Direction Sunday?
NFT receives a weak short-term technical score of 10 from InvestorsObserver analysis. Our proprietary scoring system considers the recent trading patterns of the token by looking at the price movement to determine if it is trending in the right direction. NFT holds a better recent technical analysis than 10% of tokens at its current price. Investors who are focused on short-term growth and looking for hot and trendy coins will find the Short-Term Rank especially relevant when allocating their assets.
Trading Analysis
NFT is $0.000507 (3.62%) higher than its 30-day low price of $0.013982415 while also -$0.007228 (-33.28%) lower than its high of $0.02171704 from the past month of trading. Meanwhile, NFT’s current price of $0.014488959 is under its average price of $0.016501425 set over the past month of trading, leading to a weak short-term technical score. In summation, the recent trading history of NFT suggest that traders are currently bearish on the token.
NFT’s market cap of $534,112.34 is relatively low for a token. NFT’s relatively low market value comes as it sits under $100 million while the top 100 cryptos remain above $1 billion in market cap and the top 500 sit above $100 million. Meanwhile, NFT’s average volume is low with $80,648.40 worth of the token traded over an average 24 hour period. NFT’s volume is relatively low as the most traded 100 cryptos typically have $100 million exchanged each day and smaller cryptos tend to sit under $5 million traded over 24 hours. Over the last 24 hours, NFT’s volume is below its usual with $11,920.82 exchanged.
NFT’s subclass Art, Collectibles and Non-Fungible Tokens: Non-fungible tokens (NFTs) are units of data stored on 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 real-world items. This category also includes other tokens that are used in the buying, selling or collecting of art or certain other digital goods.
Summary
NFT’s recent trading over the past month give it a weak short-term technical score as its recent price movement give traders reason to be more bearish on the token in the short-term.