- The Trust Wallet token has seen a significant increase in price over the past two weeks.
- On the daily/weekly time frame, a key support for the bulls is the 20 SMA.
- Trading volume increased by 15% overnight, clocked at $199.4 million.
Trust Wallet Token stands independently in the Green Zone amid the crypto market crisis. This remarkable rally happened because they have been backing $8 million worth of crypto assets including NFTs since the FTX crisis. This was a strong bullish signal and resulted in the price chart showing up.
Amidst the crypto market crisis, where on one hand, bitcoin hit a two-year low, on the other hand, Trust Wallet Token price recorded an all-time high of $2.71 on November 14, 2022. This reverse action of TWT creates the illusion of a true token. For investing amid the crypto winter. However, the asset price fell by 16.2% from its ATH mark.
On a weekly time frame, the Trust Wallet token escaped the 1 level of Fib retracement. Later on, buyers take a pause close to 1.618 level of Fib, acting as a resistance level. After making nearly 90% profit in a bullish rally, bulls seem exhausted as of now. This week also, the TWT crypto stays high by 15.4% so far while the current trading price is $2.222 at press time.
On a weekly time frame, bulls have a key support level at 20 SMA. Therefore many traders believe to hold Trust Wallet token in their portfolios. Although, market capitalization drops by 2.48% in the last 24 hours, reported at $925.2 Million. And Trading volume increased 15% overnight, spotted at $199.4 Million.
During the daily time frame, TWT price trades in a narrow range, however, the daily price candles move the closing price above the previous one. As a result, all the important moving averages have remained below the live price. Besides, the RSI is slowly turning lower after retreating from the overbought zone.
Trust Wallet Token is gearing up for higher returns. Above the historical level, another 50% rally is expected to the 4.25 level of the Fibonacci retracement (at the $4.256 mark). The bulls should take positive price action above the $2.0 support.
Support level – $2.0 and $1.5
Resistance level – $2.7 and $4.0
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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