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- The token has entered a sideways trend after a down move from its all-time high.
The token has been in a sideways trend since December 2022 after its fall from an all-time high. The token is facing strong resistance at the current price levels.
TWT on a daily time frame
On the daily chart, TWT is facing resistance at the horizontal line (the yellow line). The token tried to break the resistance and also tried to give a bull run but it was unable to do so, instead, after giving a slight breakout of the horizontal line, it went into a consolidation zone. The breakout of the consolidation zone can mark the beginning of a strong bull move. The token is even expected to reach its all-time high once again.
MACD – A bullish crossover can be seen on the MACD indicator. This means that bulls have outnumbered the bears and have raised the value of the token. Therefore, the MACD indicator is giving a buy signal to investors.
Relative Strength Indicator (RSI) – The RSI curve was trading over the 50-point mark as of right now, at 55.78. Due to the rise in TWT’s price, the RSI curve’s value has grown. If TWT’s price climbs higher, the RSI curve will also increase. Overall, the rising RSI curve is sending a buy signal to investors.
Analyst views and expectations
Following a consolidation breakout, there may be a bull run and both short-term and long-term investors can consider making investments at that point. The token has the potential to generate some excellent returns for investors over time.
CoinCodex predicts that on February 8 this year, the value of the Trust Wallet Token will be decreased by 2.79% and will be equal to $1.612180. Its technical indicators indicate that the current sentiment is neutral.
According to PricePrediction.net, the price of the Trust Wallet Token is expected to be at least $3.64. The Trust Wallet Token price could rise as high as $4.26 with an average trading price of $3.74 during the period of 2024. Additionally, they forecast that in 2026, the price of Trust Wallet Token will drop as low as $7.69. According to their research, the TWT price might rise as high as $9.23.
By the beginning of 2024 i.e. January, Trust Wallet is anticipated to be worth an average of $1.612, according to Cryptopredictions.com. The TWT price is expected to be worth, on average, $1.815, $2.067, and $2.348 in January 2025, 2026, and 2027 respectively.
Furthermore, the site predicted that the Trust Wallet token will reach $1.598 by the end of 2023. TW’s anticipated average price for 2023 is $1.707. The highest anticipated price for 2023 is $2.660.
Technical Levels
Major resistance- $1.87874797
Major support- $1.34701060
Conclusion
The token seems to be a great investment option for both short-term and long-term investors.
Disclaimer: The opinions represented in this work along with any other opinions are presented primarily for informative purposes and are not intended to be taken as investment advice.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
