- The Trust Wallet Token participated in the WOW summit in Dubai.
- The year-to-date return of the TWT coin is -32.09% and the three-month return is 15.28%.
- The TWT price is trading at $0.96965, with a loss of 0.28% during the intraday session.
Trust Wallet is a multichain mobile application designed to provide users with seamless access to various blockchains. Besides, it keeps users’ crypto assets safe and protects them against digital fraudsters. It facilitates instant accessibility to various blockchains upon installation, banishing the need for manual blockchain peculiar configurations.
Trust Wallet Participated in WOW Summit in Dubai
The 2023 WOW Summit was hosted in Dubai from October 8 to 9 at the Atlantis Royal. It was the most luxurious Web3 experience in history, which gathered the world’s most distinguished industry leaders, government officials, funds and VCs, NFT, and digital innovations.
Trust Wallet participated in this event and discussed the potential of Web3. Eowyn Chen, the CEO of Trust Wallet spoke about the future development and vision of the TWT crypto. He discussed how TWT will transform the digital transaction in the future.
Technical Analysis Of TWT Coin.
The TWT price followed a downtrend momentum after January 2023. It has attained multiple lower lows and highs while being in a downtrend. Moreover, the price declined about 61% from the high of $1.875 towards the $0.711 support level. However, the TWT price witnessed a strong bullish pressure at $0.711 and bouched towards the $0.973 resistance level.
After forming a strong resistance at the $0.9700 level, the price dragged in the consolidation between the $0.9700 and $0.8100 range. It observed a double bottom pattern near the $0.700 mark. The consolidation remained constant until late August 2023. Furthermore, sellers melt the price near the $0.7100 mark after escaping the consolidation.Â
At the start of October, the TWT price action turned bullish after the TWT price bounced up from the support level of $0.7500. While witnessing a sudden spike of roughly 42%. The bullish trend did not sustain and was halted at the $1.0600 resistance level.
It shows that buyers have done their best and started the recovery from the prior month’s meltdown. However, the bulls have defeated the 20, 50, 100, and 200-day EMAs and registered the trendline breakout above the significant hurdle of $0.9800.
The TWT stock price is trading at $0.96965 while witnessing a loss of 0.28% during the intraday session. It was down from the prior resistance level of $1.0600, which shattered the price below the 200-day EMA.Â
If the bullish sentiment revived and the price hiked toward the 1.0600 resistance, it might retest the significant resistance level of $1.1300. On the other hand, if bearish sentiment remains constant, it might melt and retest the previous support level of $0.7500.
The Relative Strength Index (RSI) is hovering far above the 50-neutral zone and is at 67.51. In the past few days, the RSI was at the 70 mark, indicating bullish dominance and the price was in the overbought zone. Which suggests a vigorous presence of buyers in the market.
Conclusion
Trust Wallet Token’s market structure and price action have turned bullish after the TWT price bounced up from the support level of $0.7500. The technicals and analysts favor the buying side, but the previous candle shows that bears have entered in the market.
Technical Levels
Major resistance: $1.87513 and $1.57563
Major support: $0.71125 and $0.71734
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
