Trust Wallet Token (TWT) Shows Bullish Signs, Will Price Breach $1.5?

  • TWT’s price shows strength as the price breaks out of a downtrend with good volume with eyes set on $1.5. 
  • The price of TWT rose to $1 after it fell from $0.88. This was in preparation for an uptrend as bullish signals indicated that the price would rise. 
  • The TWT price trades above the 50-200 Exponential Moving Averages, (EMA) before the daily close. 

Bitcoin’s price movements have had a negative impact on most altcoins. Some lost their support but Trust Wallet Token is still showing deep strength. Recent news from the Consumer Price Index had a significant impact on crypto markets. The price of Bitcoin (BTC) fell to $18,200, before rebounding to $19,300. Many altcoins, such as Trust Wallet Token, showed bullish strength. (Data from Binance).

TWT Price Analysis on The Weekly Chart: Trust Wallet Token

The crypto world witnessed a notable development this week, as Bitcoin dropped from $19,000.00 to $18,200 within hours, before rising to an area high of $19,000.800, only to then be rejected back at $19,000. The price movement of many altcoins seems more like a manipulation, with so many losing important support areas.

Recent price movements have seen TWT struggle to recover its bullishness. The stock rose to $1.4, before falling to $0.5. This was the region where TWT prices bounced. Price rallied to a peak of $1.2, showing strong price action and high volume. However, it failed to overcome resistance at $1.4

To trend higher for TWT, it must break the $1.2 barrier and then close below that level. The weekly resistance is what prevents the price from trending higher in this region.

Weekly resistance for the price of TWT – $1.2.

Weekly support for the price of TWT – $0.9.

Prices Analysis of TWT on the Daily (1D), Chart

Source: TWTUSDT On| Source: TWTUSDT On

Recent bear market conditions have seen TWT’s daily price range struggle to hold strong support and prevent it from falling out of favor.  

TWT’s price trades at $1.202 as the price continues its range-bound with the price forming a descending wedge above the 50 Exponential Moving Average (EMA); the price of $0.85 corresponds to the 50 EMA, acting as support for the price to break higher. 

If we have a $1.2 break and hold by TWT, the price could rally to $1.5 with greater buy volume

Daily resistance for the price of TWT – $1.2.

Daily support for the price of TWT – $0.95.

Featured image from zipmex. Charts From Tradingview

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