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- TWT token price has gained 15.67% on a previous week and formed a bullish candle
- Trust wallet token price sustained above the 50 and 200 day EMA
- TWT token technical indicators are turning bullish but the confirmation from the price action is still awaited.
Trust wallet token price is trading with bearish cues and bear’s are trying to drag the prices down back to the support zones but the price action shows that prices are in the demand zone and it will be risky to create short positions. Currently, The pair of TWT/USDT is trading at $1.7020 with an intraday loss of 2.78% and the 24-hour volume to market cap ratio at 0.104
Will the TWT token price break out $2.0000 ?
On a daily time frame, Trust wallet token price is on slow and steady rise and bulls have succeeded to keep the price above the 50 and 200 day EMA which shows that the genuine buyers are active at lower levels.
In the mid of December, TWT token price took support at $1.2457 and formed a bullish hammer candle but unfortunately prices failed to give the follow up movement and entered in the narrow range consolidation between $1.2500 to $1.6000 level. Recently, TWT prices gained some positive momentum and attempted to break out of the higher range but the sustainability of the breakout is doubtful.
TWT token price had formed a short term base near the $1.2000 zone and until the prices broke down the $1.2000 level the downside seems to be limited. However, on the higher side TWT price has faced a strong rejection from the $2.1405 which will act as an immediate resistance if any rally triggers from the current levels followed by next resistance will be at $2.7260 level
TWT token technical indicators are turning mildly bullish but the price action shows that prices are likely to trade in the wide range mentioned above in the chart. The MACD had generated a positive crossover indicating the bullishness and the RSI at 60 reversing down for the overbought zones denotes the prices are cooling off and may take support when RSI hits neutral level.
Summary
Trust wallet Token prices had formed a short term base near the $1.2000 zone and any dips towards the support level will be a buying opportunity for the traders. Technical analysis shows that TWT prices are expected to trade in the wide range mentioned above and the probability of the range breakout is less in the coming months.
Therefore, traders may look for buying opportunities near the support levels for the target of $2.1405 level by keeping $1.0000 as SL. However, if the prices drop below $1.0000 level then it will be a matter of concern for the bullish traders.
Technical levels
Resistance levels : $2.1405 and $2.7260
Support levels : $1.2542 and $1.0000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
