- Trust Wallet Token was currently at $1.43 with an increase of 0.93% during the intraday trading session.
- The 24-hour low of TWT was $1.41 and the 24-hour high of TWT was $1.44.
- The current price of Trust Wallet Token is below 20, 50, 100, and 200-days EMA.
The current price of Trust Wallet Token was around $1.43 with an increase of 0.93% during the intraday trading session. The pair of TWT/BTC was currently trading at 0.00006559 BTC with an increase of 0.80% over the intraday trading session.
We can see that Trust Wallet Token is currently in a bearish phase. Since the start of 2023, TWT was consolidated between its primary resistance of $1.792 and its primary support of $1.359. We saw the sudden rise of TWT in the mid of Nov 2022 crossing its secondary resistance of $2.358 and then it took a turn falling fast at the end of 2022. This shows that it has entered its supply zone. We can see a spinning top candlestick pattern on the daily trading chart which suggests that both bulls and bears are active in the market, the bulls are trying to drive the price up and bears are trying to drive the price down. Since none of them is getting the upper hand over the other it shows us that both buyers and sellers are in a stalemate.
The volume of the coin has decreased by 42.12% in the last 24 hours. The decrease in volume indicates that the number of sellers has increased. That means there is a relationship between the trading volume and the price of TWT, this signals strength in the current bearish trend. The coin’s price is heading below the 20, 50,100, and 200-Daily Moving averages.
The technical analysis of Trust Wallet Token:
RSI is shown a negative crossover and is in the oversold zone which will indicate that sellers are coming in the majority and trying to take over the market. The current value of RSI is 40.79 which is below the average RSI value of 49.06. This indicates that there is a large amount of selling happening which is causing a bearish trend.
The MACD and MACD signals are intersecting but now giving a definitive crossover but there is the probability of a negative crossover over the intraday trading session which verifies the RSI indicator and it shows the strength in the current downtrend.
Conclusion:
Trust Wallet Token was trading in its consolidation phase since the start of 2023 but after the forming of a spinning top pattern over the daily trading chart, it is a stalemate between buyers and sellers. This downtrend shows that sellers are coming in the majority and taking over the market. This can give short traders a good opportunity.
Technical Levels
Resistance level- $1.792 and $2.358
Support level- $1.359 and $0.998
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/2023/02/13/trust-wallet-token-price-prediction-will-bear-take-over-twt/