TWT Coin Price: Bulls Got Active After Retesting the Support

• The coin price has struck the immediate resistance level and there are chances of a bearish reversal.
• TWT coin trades above the 50-day EMA with a 24-hour trading volume of $32,115,499.

The Trust Wallet Token (TWT) was launched in November 2017. It is the official token of trust wallet, a mobile-based cryptocurrency wallet for Ethereum and ERC20/ERC223 tokens. The company provides a fully security audited system that makes it simple to store cryptocurrencies.

An Overview of the TWT Coin Performance 

In the month of December 2022, the TWT coin price fell nearly -53% from the all-time high level of $2.7377. It created a strong bearish sentiment in the price, since then the price has been seen in a bearish trend till date.

On March 8, 2023, the price had given a breakdown of the major support level at $1.2451. After that, the 50-EMA made a bearish crossover with the 200-day EMA. That activity confirmed the strong bearish sentiments of the bears.

The last major support that was broken by the price is now becoming a major resistance. The price is surging toward the immediate resistance at $0.9021 and recently got double support from the $0.7133 level. 

Now, the TWT coin holds a total market capitalization of approximately $340,475,237. The 24-hour trading volume of the coin is $31,883,247 with an increase of 222.84%.

Technical Analysis and Prediction of the Coin Price

The TWT coin price has seen a downtrend since December last year. The 50-day EMA made a bearish crossover with the 200-day EMA back in March and they both came down in a bearish trend. The bulls faced several resistances from the 50-day EMA. At present both the EMAs are at $0.8125 and $0.9649 levels.

The TWT coin is trading at the $0.8151 level. The price got this bullish momentum from the $0.7133 important resistance level. In the last trading session, the price formed a bullish green candle at $0.7740, reflecting the bulls’ presence at this level.

The Relative strength index (RSI) trades in an uptrend and clearly follows the price chart without any divergence. It has sloped from the 30-mark oversold region to above 50-mark neutral level. It has given a single correction on the momentum. That shows the strength and sentiments of the bulls. 

Conclusion

The price prediction for the TWT coin is bullish because it got major support from the $0.7133 level. After that, the bears faced a price rejection at the $0.7740 level. The bulls are pushing the TWT coin price upward and it may take it to the $1.0552 resistance.

Technical Levels

• Resistance Levels: $0.9713 and $1.1349
• Support Levels: $0.7740 and $0.7133

Disclaimer

The views and opinions stated by the author, or any person named in this article, are for informational purposes only. They do not establish financial, investment or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.