Trust Wallet Token Swing Trade: TWT Price Analysis

Trust Wallet Token (TWT) is currently experiencing a bearish trend, with technical indicators suggesting a period of price consolidation.

The market sentiment has been cautious, and the token’s price may continue to fluctuate depending on broader crypto market conditions and any news affecting Trust Wallet’s partnerships or services.

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. Once price breaks below support, it can move lower to the next support level.

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TWT Crypto Price Overview

• Latest Price: $1.06
• Market Cap: $442.8 million
• 24h Trading Volume: $9.7 million
• Circulating Supply: 416.6 million TWT
• Total Supply: 1 billion TWT

Img src- Altfins

Price is in an Uptrend. Following a breakout from Falling Wedge pattern, price broke through 200-day moving average and reached $1.20 resistance where it got rejected.

Now price has pulled back near $1.00 support, which could be a swing trade entry in Uptrend with +20% upside potential back to $1.20. Stop Loss at $0.94.

Weekly Price Analysis

Over the past week, TWT has dropped by about 6.44%. The current price of $1.06 represents a 0.79% dip in the last 24 hours.

• Price Change (24h): -0.79%
• Price Change (7d): -6.44%
• Trend: Short-term trend is Up, Medium-term trend is Strong Up, Long-term trend is Up.
• Momentum: Price is neither overbought nor oversold currently.
• Support and Resistance: Nearest Support Zone is $1.00, then $0.90. Nearest Resistance Zone is $1.20, then $1.40.

Key Indicators Analysis

• Relative Strength Index (RSI): The RSI for TWT is around 48.75, indicating a neutral trend.
• Moving Averages (MA): TWT’s moving averages are showing a neutral trend, as the short-term MA has crossed above the long-term one.
• MACD (Moving Average Convergence Divergence): The MACD in the weekly time frame indicates bearish momentum, with the signal line trending below the 50-period average.

News Roundup

Recent developments include heightened concerns regarding Trust Wallet’s onramp service following a data breach, which impacted its integration with Transak.

This may have added negative pressure on TWT’s price. However, the core fundamentals of the project remain intact, supported by Binance’s ecosystem.

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