Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Trust Wallet token (TWT) showed a double bottom pattern, and the buying interest was witnessed in yesterday’s trading session. Moreover, the price action shows that bulls are gaining traction and have surpassed the significant moving averages, indicating that buyers are now ready to reach $1.0000 and have executed the reversal and showed their intent. Furthermore, the TWT token has shown a bounce from the support zone of $0.7000, and the volume spike shows the investors interest.
TWT token price is close to the round mark of $1.0000 and is showing buyer accumulation. TWT token witnessed the increase in positive momentum, surpassing the $0.9000 barrier, indicating that bears were trapped and follow-on buying action will continue. A short covering rally is anticipated.
TWT token price was accruing the gains and showed buying interest with a spike in trading volume, indicating that the sentiment has changed now that buyers are gaining traction, and they are looking to reverse the trend and trying to reach $1.0000. Moreover, the technicals are suggesting that TWT will outperform if it surpasses $1.0000. Furthermore, the TWT token price is trading close to the 50% Fib zone and is above the 38.2% Fib level, showing neutrality on the charts.
At press time, the TWT token price is trading at $0.9644 with an intraday gain of 4.13%, suggesting yesterday’s trading session was bullish. Moreover, the trading volume increased by 5.63% to $24.49 Million, and the pair of TWT/BTC was at 0.0000359 BTC. However, the market cap of TWT token is $1.17 Billion.
Will Trust Wallet Token Continue to Extend Gains?
On the daily charts, the TWT token price has shown a double bottom pattern, and buyers are trying to surpass the neckline of $1.0000 to break out. However, buyers failed to surpass the barrier, and a doji candlestick was formed, which shows the incisiveness between the bulls and bears. Furthermore, the TWT token price has escaped the trendline and is now trading above the significant hurdle of $0.9000, showing that a significant upside toward $1.0000 will be anticipated soon.
The RSI curve is in the overbought zone and formed a bullish crossover, suggesting that the rally could be extended in the following sessions.
The MACD indicator shows a bullish crossover and green bars on the histogram, suggesting that the TWT token, if surpassed $1.0000, will lead to fresh bullishness in the following sessions.
Summary
Trust Wallet token price showed buying interest and is gaining traction, witnessing a spike of over 5% in yesterday’s session. Moreover, the price action is favoring the bulls and suggests that the bounce may continue and TWT will reach $1.0000 soon. Furthermore, if the TWT token price succeeds in surpassing the primary hurdle of $1.0000, further short covering move will lead to a retesting of the swing hurdle of $1.1000.
Technical Levels
Support Levels: $0.9000 and $0.8500
Resistance Levels: $1.0000 and $1.1000
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/10/13/trust-wallet-twt-escaped-0-09000-indicates-fresh-buying-cue/