- Trust Wallet Token was currently at $1.19 with a decrease of 5.03% during the intraday trading session.
- The 24-hour low of TWT was $$1.18 and the 24-hour high of TWT was $1.26.
- The current Trust Wallet Token price is below 20, 50, 100, and 200-Day EMA.
The pair of TWT/BTC was trading at 0.00004285 BTC with a dip of 2.90% over the intraday trading session.
Trust Wallet Token price prediction suggests that it is currently in a downtrend after testing its primary resistance of $1.315.From the mid of 2022, the TWT token was in a slow uptrend. But near the end of 2022, the sellers became hyperactive in the market which caused the sudden downfall of the TWT token. Because of the heavy selling pressure near the end of the year, the TWT token falls below its secondary resistance of $1.729.
After the start of 2023, the TWT token again tried to seek stability in the market with the support of buyers. But after testing its secondary resistance the TWT token began consolidating between its primary and secondary resistance. In March 2023 sellers tried to take over the market from buyers which resulted in the fall of the TWT token below its primary resistance. But with the formation of a bearish hammer candlestick pattern after the downtrend over the daily trading chart the TWT token showed a short-term bullish reversal. Since then the TWT token is trading below its primary resistance. If sellers get the upper hand in the market then they may try to push the TWT token down near its primary support of $0.544. If this happens in the market then it can put the TWT token in critical condition.
The volume of the coin has decreased by 16.49% in the last 24 hours. The decrease in volume indicates that the sort-selling in the market has increased. This shows that sellers are trying their best and there is a relationship between volume and the price of TWT, which represents strength in the current bearish phase.
Trust Wallet Token Price Technical analysis:
RSI is decreasing in the oversold zone and is showing a possibility of a negative crossover which indicates that the sellers are coming in the majority and pushing TWT downwards. This suggests the strength of the current bearish trend. The current value of RSI is 40.60 which is above the average RSI value of 40.18.
The MACD and the signal line are intersecting but not showing any definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
Trust Wallet Token price prediction suggests that it is currently in a downtrend after testing its primary resistance of $1.315. In March 2023 sellers tried to take over the market from buyers which resulted in the fall of the TWT token below its primary resistance. The decrease in trading volume represents a lack of confidence in traders toward the TWT token in the market. RSI is decreasing in the oversold zone and is showing a possibility of a negative crossover which indicates strength in the current bearish phase, as per the technical indicators. Traders should take caution before taking trades in the current bearish market.
Technical Levels
Resistance level- $1.315 and $1.729
Support level- $0.544 and $0.402
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes 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/2023/03/21/trust-wallet-token-price-prediction-make-or-break-moment-for-twt/