Trust Wallet Token (TWT) Price is the native token of Trust Wallet, a mobile app that supports various cryptocurrencies and NFTs. TWT offers advantages and incentives to Trust Wallet users, such as discounts, rewards, and voting rights. TWT is a BEP-20 utility token that operates on the Binance Smart Chain. TWT can be purchased, traded, and exchanged on several platforms, including Binance, Coinbase, and Trust Wallet itself.
As per Coinglass, TWT has $2.91 Million Open Interest and recently showed a decline of -2.93% in the last 24 hours. The 24-hour long versus short ratio is 0.5886. Moreover, the average volume of the Trust Wallet Token crypto declined by 45.84%, and the volume is at $806.25.
This month, the crypto underperformed, down by 9.18%. However, Trust Wallet Token price was down by 38.25% in the last six months which highlighted poor performance over a span of six months. Moreover, the TWT Price year-to-date return is negative with a decrease of 39.60%.
As per the Trust Wallet Token crypto price action, the crypto price was in a consolidation phase from fluctuating between the range of trendline. The crypto price is following lower lows and lower highs patterns and falling in the depth of the chart. The price is also below all major EMA’s, indicating more bearishness in the coming weeks.
Therefore, If TWT fails to sustain or stabilize at the current level. The Trust Wallet Token price could continue to drag downwards and hit the nearest support levels around $0.7445 and $0.5603.
However, if the price sustains the current level and the Trust Wallet Token price increases, then it might reach the nearest resistance levels of $1.0266 and $1.2453.
TWT Price Technical Analysis in 1-D Timeframe
According to the Trust Wallet Token price forecast, at the time of publishing, the TWT crypto price (BINANCE: TWT) is trading below the 20, 50, 100, and 200-day EMAs (exponential moving average).
The MACD line at -0.01089445 and the signal line at -0.00519826 are below the zero line and a bearish crossover is observed, suggesting a start of a bearish trend for the Trust Wallet Token Price crypto.
The current value of RSI is 43.05 points and the 14 SMA is below the median line at 46.84 points. It seems that the TWT price took a rejection from the 14 SMA line. Therefore, the Trust Wallet Token price forecast indicates bearishness for the crypto price.
Conclusion
The Trust Wallet Token (TWT) price forecast highlights that the sentiments and perspectives of investors and traders regarding the TWT price crypto price are bearish in the 1-D time frame. The Trust Wallet Token price action reflects a pessimistic view at the time of publishing. Moreover, the technical parameters of the TWT price suggest the continuation of the downtrend over the daily time frame chart. Major legitimate indicators MACD, RSI, and EMA, flaunt negative signals about the TWT crypto price.
Technical Levels:
- The nearest support levels: $0.7445 and $0.5603.
- The nearest resistance levels: $1.0266 and $1.2453.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/08/24/twt-price-forecast-2023-will-binance-twt-regain-momentum/