Can Trust Wallet Token (TWT) Reclaim $1 level?

2 months ago 27597

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TWT has experienced a notable correction this past week, technical indicators suggest potential stabilization or recovery, particularly with the token’s RSI in neutral and MACD showing signs of bullish momentum.

Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken.

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TWT Crypto Price Analysis

Current Price: $0.829
Market Cap: $345.59 million
24-Hour Trading Volume: $137.99 million
Circulating Supply: 416.65 million TWT
Total Supply: 1 billion TWT

Price is in a Downtrend, however, it had a bullish breakout from Falling Wedge pattern and reached our target of $1.00 resistance.

It got rejected there. We would be buyers on pullbacks to $0.70 support, which is a possible swing trade entry with +30% upside potential back to $1.00. Stop Loss at $0.64.

Weekly Price Analysis

7-Day Change: -10.8%
Week Open Price: $0.93
Current Price: $0.829
Trend: Short-term trend is Down, Medium-term trend is Down, Long-term trend is Strong Down.
Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining.
Support and Resistance: Nearest Support Zone is $0.81, then $0.70. Nearest Resistance Zone is $0.90, then $1.00.

Indicators Analysis

RSI is currently within the neutral zone (30-70)
The MACD is showing a slight bullish divergence
TWT’s price is hovering near the lower Bollinger Band, indicating that it is currently oversold

News Roundup

Trust Wallet’s rapid growth in Africa and South Asia: TWT has seen significant user adoption in emerging markets, with many users flocking to the platform to access stablecoins and decentralized finance (DeFi) services.
Concerns over recent volatility: The recent 20% drop in TWT’s price has been linked to a large token sell-off by a long-term holder.

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