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- Trust wallet price is currently trading at $1.3364 with a decrease of -0.59% during the intraday session.
- The 24 hour trading volume for TWT has decreased by 47.30% at the time of writing.
- TWT price recently escaped the downward channel.
Trust wallet price was in a downtrend trend making lower lows and lower highs since the end of january. TWT price created a high in January $1.88 level swinging up 50% from the low of $1.23 level. Trust wallet price then corrected the move by melting below the support level from where it started its bullish rally. The TWT price touched $1 level as much of the profit booking happened in that area leaving a long lower wick behind.
The TWT price during the start of April escaped from the downward channel and retested it to rise higher. Although the upward move did not sustain, price stuck in a narrow consolidation range between $1.20 and $1.28 which the bullish pressure shattered to head for $1.45 level. The TWT price is currently above 20 and 50 day EMA indicating bullish strength in the market but received rejection from 200 day EMA.
On April 18, the trust wallet was removed from the innovation zone of binance. The innovation zone of binance was introduced to provide traders with a place to trade new and innovative projects. These new projects possess higher volatility and higher risk. Some of these projects have proven their worth and meet high level standards. The trust wallet has graduated from the innovation zone by meeting high level standards. Binance graduated SHIB, 1INCH, FXS and TRUST WALLET from the innovation zone.
Binance also stated that the removal is not kicking out but can be considered as graduating from the innovation zone. Certain procedures are used by binance to figure out whether a token is to be included in the innovation zone or needs to be abducted. These tokens meet the high level standard which graduated them from the innovation zone.
Trust Wallet technical analysis:
The RSI curve is currently at 61.13 indicating bullishness in the market. The daily candle has turned bearish which has dipped the RSI curve and needs to break above the wick of the previous candle which is at $1.35 price level. The TWT price also needs to defend the $1.28 level as the break of it would drive the price back in the consolidation zone. The TWT price has reached the upper band of bollinger indicating a possibility of retesting of the consolidation zone. The +DI is above the -DI, with sn ADX of 34.99 indicating strong bullish strength.
Conclusion:
Trust wallet price has recently gained bullish momentum and escaped the almost ten days long consolidation. The market structure as well as the price action favours the bulls. However, the TWT price needs fill the wick of April 6 candle to continue further moving upward.
Technical levels:
Major support: $1.09 and $1.20.
Major resistance: $1.50 and $1.70.
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.
