Finance

Jingle bells for bear hunters as TWT price undergoes correction–can price reach $1?

12/20/2022
Bitcoin Ethereum News

Trust Wallet Token Price Prediction

  • TWT price went into corrective mode.
  • Marked ATH 8 days ago at $2.72.
  • Prices at present hold at $1.50.

The TrustWallet token (TWT) is undergoing correction as the prices fell by more than 33%. It recently marked its ATH at $2.72, after which the correctional phase began. This pump occurred due to the collapse of multiple CEX and the FTX debacle, all combined. This crash proved beneficial for the DEXs and self-custodial wallets. TWT was one of the gainer wallets as the users switched to self-custody and pumped the native token of these wallets. This bullish breakout occurred and resulted in ATH. 

What happened after the crash?

Source: TWT/USDT by Tradingview

Trustwallet’s price had a bullish breakout riding a bout of healthy buying volume. This was followed by a sideways movement and incremental ascent, but it faced resistance stopping short of reaching the $3 mark. Since it was pumped a few days ago, now it’s time to rectify and reach the original price level. Because of this, the price sank nearly $1, from where it started rising. During this movement, the price breached all EMAs except for 200-day EMA. Until the 200-EMA is breached, it may fall unhurriedly and soon consolidate. The bear hunters are ready to take the edge of such buying situations. 

Image
Source: TWT/USDT by Tradingview

The CMF indicator has triggered a slope down and aims to fall to the zone below the baseline. It plunges gradually as people selling off are counterbalanced by bears buying it simultaneously. The MACD has diverged with sharply rising seller bars, and both lines are split with a decent gap. The RSI has slipped to the lowermost range, and imaging investors are booking profits and selling off. 

Is the correctional phase beneficial?

Source: TWT/USDT by Tradingview

The smaller time frame reflects sellers actively selling to book profits and departing and bears buying to reap profits in the future. Due to this simultaneous buying and selling pressuers, the price action is not drastically declining. The CMF indicator has dropped below the zero mark, but it slopes up, indicating the participation of buyers along with proactive sellers. A matching image is shown by the MACD indicator, which records rhythmic phases of buying and selling. The RSI oscillates around the 30 range, and to and fro motion indicates the presence of active buyers and sellers. 

Conclusion

The TrustWallet Token (TWT) has seen a rising phase and now undergoes correction with an aim to return at $1 price level. This may be the pre-christmas celebration for bear hunters who can benefit from lowering prices to enjoy profits in future. 

Technical levels

Support levels: $1.15 and $0.88

Resistance levels: $2.20 and $2.75 

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.

Source: https://www.thecoinrepublic.com/2022/12/21/jingle-bells-for-bear-hunters-as-twt-price-undergoes-correction-can-price-reach-1/