After being under intense bearish pressure the previous week, the price of the TWT token is currently trading above the demand zone, indicating bullishness. In a 4-hour period, the token price was able to maintain itself above the demand zone, creating a higher high and higher low price structure. On a weekly time frame, the price of the tokens is still down.
TWT token price indicates a string reversal signs
The token price is currently settling close to the demand zone. A significant move will start if one of the sides breaks out. The green downward-sloping green trendline is consciously rejecting the token price, which is rebounding off the demand zone. The token price is currently trading below both the 50 and 100 MAs. Following the bearish pressure over the previous few months, the token price was unable to hold at the supply zone. As the price of the token rises, it may come under intense bearish pressure from these MAs, which could drive the price lower before continuing to rise.
Following the consolidation, volumes have been consistent. After failing to surpass the upper band of the Bollinger band indicator, the token price is now trading above the lower band. The Bollinger Band indicators’ range has shrunk, signalling a significant move on the breakout side. Investors ought to exercise patience and watch for a distinct breakout.
The TWT token price is forming a falling wedge pattern on a daily time frame
The RSI curve has dropped below the halfway mark of 50 as the token price fell to the demand zone. The TWT token price as per the price action is bearish and the same as depicted in the RSI curve. The RSI curve is currently translating at 27.11, after dipping out of the 25 mark. As of now, the RSI curve has also gone past the 20 EMA, indicating some bullishness signs. If the token price successfully bounces off the demand zone, the RSI curve can be seen moving higher supporting the trend.
The TWT token price is in a consolidation phase as it fell below the important breakout zone. Currently, as it rests at the demand zone, the MACD indicator has given a positive crossover. The orange line crossed the blue line on the downside. If the token price fails to sustain above the demand zone, then the fall in the price of the TWT token can result in the MACD indicator triggering a negative crossover. If the token price successfully breaks the supply zone with a strong bullish pressure the MACD lines can be seen widening supporting the trend.
ADX curve has been dipping on a higher time frame as the token continues to fall on a weekly time frame. In a daily time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As the token price rests at the long-term demand zone on a 4-hour time frame. It is a positive sign for the token price. Investors should wait for a positive candle formation at the demand zone.
Conclusion: The TWT token price is in a consolidation phase as it trades in the long-term demand zone. The token price is seen forming a reversal chart pattern. As the technical parameters suggest, the token price can be seen breaking the demand zone if bulls fail to power it up. It remains to see if the token price will break the demand zone, or bounce off it and move higher up.Â
Support: 1.03 and $0.990
Resistance: $1.39 and $1.59
Disclaimer
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.
Nancy J. Allen is a crypto enthusiast and 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.
Source: https://www.thecoinrepublic.com/2023/03/10/twt-token-price-analysis-token-price-stamps-down-to-0-770/