TWT’s price shows strength as the price breaks out of a downtrend with good volume with eyes set on $1.5.
TWT bounced from a low of $0.88 as the price rallied to a high of $1, preparing for a rally as the price showed bullish signs.
The price of TWT continues to trade above 50 and 200 Exponential Moving Averages (EMA) ahead of the daily close.
The price actions shown by Bitcoin (BTC) have affected most altcoins negatively as some have lost their key support, but Trust Wallet Token (TWT) continues to show immersed strength as price breaks out of a long downtrend movement. The Consumer Price Index news released recently had a great deal of effect on the crypto market as the price of BTC declined to a low of $18,200 before a bounce to $19,300, with many altcoins like Trust Wallet Token (TWT) showing bullish strength. (Data from Binance)
Trust Wallet Token (TWT) Price Analysis On The Weekly Chart
A notable event in the crypto space this week was the sharp decline in the crypto market following the release of the CPI news; the market appeared to be manipulated, with Bitcoin (BTC) dropping from $19,200 to $18,200 in hours and then back up to a range high of $19,800 before rejection back to $19,200. With so many altcoins losing key support areas, this price action appears to be more of a manipulation.
The price of TWT has struggled in recent times to restore its bullish strength, rallying to a high of $1.4 before seeing a rejection in price to a low of $0.5. TWT price bounced from this region as price rallied to a high of $1.2, showing good price actions with strong volume but failing to flip the resistance at $1.4
For the price of TWT to trend higher, the price needs to break and close above $1.2 as the price is faced with a weekly resistance to trend higher in that region.
Weekly resistance for the price of TWT – $1.2.
Weekly support for the price of TWT – $0.9.
Price Analysis Of TWT On The Daily (1D) Chart
Daily TWT Price Chart | Source: TWTUSDT On Tradingview.com
The daily timeframe for the price of TWT has recently seen the price struggle to withstand the current bear run holding strong support to prevent the price from being sold out.
TWT’s price trades at $1.202 as the price continues its range-bound with the price forming a descending wedge above the 50 Exponential Moving Average (EMA); the price of $0.85 corresponds to the 50 EMA, acting as support for the price to break higher.
With a break and hold of $1.2 by TWT, we could see the price rally with more buy volume to a high of $1.5
Daily resistance for the price of TWT – $1.2.
Daily support for the price of TWT – $0.95.
Featured Image From zipmex, Charts From Tradingview