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- TWT token slips below 20 EMA and shows bearishness on the daily chart.
- Buyers are losing momentum and trying to hold gains.
TrustWallet Token showed a breakdown in the past trading sessions and looking in a downtrend with floating signs of weakness Moreover, the token is on the verge of the demand zone reflecting a volatile chart structure with a negative outlook.Moreover, same time, the sellers are looking aggressive in the last trading session with addition in short positions.
The ongoing downtrend of TWT reflects a hawkish price action with sellers’ dominance and indicating that further downmove is still there to be happen if price breaks the low of the previous candle below $0.7100 Moreover, the recent price action shows a double bottom chart pattern, but a bounce from the support mark of $0.7500 is needed to attain neutrality.
TWT token was formed with multiple bearish patterns ( Evening Star and Rising Wedge) on the top which shows that buyers cannot stay on the top of the consolidation range and face rejection and showing reversal on the charts.
When writing, TWT price is trading at $0.7636 with an intraday gain of 1.30%, showing nominal chart structure. However, the trading volume is noted at $11.50M increasing by 3.44%. Trust Wallet token has a market cap of $927.27 Million.
Daily Charts Structure of TWT Token
On the daily chart, TWT shows signs of weakness and price is hovering near the support of $0.7000. Furthermore, seller engagement in the token was noted in the past sessions with short buildup activity. Although the token did not show any significant upside and continued to drag from the supply range of $2.00. Buyers need to stretch the token again in their favour and attain a 20 day EMA to gain neutrality.
The price action on the daily charts,showed a rising wedge pattern with the target upside near the trajectory targets of $1.5000. If the token starts to attain momentum and trade above 20-day EMA, then momentum arises, and buyers will try to move out of the selling range.
Short term charts of TWT token
On the 4-hour chart, the TWT token shows a downtend with negative outlook floating in the last trading session.
The RSI shows a rebound from the oversold territory and attains the mark of 45 showing a positive outlook.
Moreover, buyers tried multiple times to escape the congestion zone but failed to register; the TWT token on the technical indicators did not indicate any buying scenario for new investors but favoured sellers to make short additions.
Moreover, investors have to keep an eye on either breakdown or bounce to make fresh positions.
The MACD indicator starts to plot green bars and a bullish crossover was noted on the charts.
Conclusion:
TrustWallet Token price is below the key EMA and trading in the sellers region where further downtrend can be seen.
Technical Levels:
Support Levels: $0.7000 and $0.6500
Resistance Levels: $1.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
