Is NFT (NFT) Trending Lower or Higher Friday?
NFT receives a weak short-term technical ranking of 28 from InvestorsObserver data analysis. The proprietary ranking system focuses on the recent trading patters over the past month to determine the strength of its short-term technicals. NFT has a superior recent technical analysis than 28% of tokens based on these trading metrics. Investors primarily focused on shorter term investment strategies will find this technical analysis most relevant to their goals when determining whether to invest in a particular crypto.
Trading Analysis
NFT is $0.004176 (35.68%) higher than its 30-day low price of $0.011702692 while also -$0.005049 (-24.13%) lower than its high of $0.02092804 from the past month of trading. Meanwhile, NFT’s current price of $0.015878548 is under its average price of $0.018750278 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 has a relatively low market cap for a token with a total market value of $585,337.32. 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. NFT’s average volume meanwhile is low with $10,343.95 worth of the token traded over a typical 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. As of the past 24 hours, NFT’s volume is below its average with $1,488.34 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.
