Trust Wallet Token Surges by Over 12%, Further Uptrend to Follow?
The Trust Wallet Token’s recent price action has been extremely bullish, recording a 14% surge within the past 24 hours. This marks its second biggest single-day gain in the past couple of weeks and suggests that it is likely to continue its uptrend in the near future.
Trust Wallet Token daily chart: Coinmarketcap
At the moment, TWT is trading at $1.72, up by 33.36% in the last 30 days. The price of TWT is trading above the 21-day Exponential Moving Average (EMA21) at $1.58, and it appears that the token is facing resistance at the EMA50 line and the $1.81 price level.
The TWT coin has established firm support at $1.50, and it looks like it is now forming a bull flag pattern on the 4-hour chart. This indicates that TWT could experience more upside in the near term as long as it remains above this support level.
Trust Wallet Token price analysis on the daily chart shows the coin has had a steady uptrend and reached an intraday high of $1.81 during the past 24 hours. Ultimately, Trust Wallet Token continues to hold above the SMA50 which indicates that the uptrend of TWT will continue for some more time.
The technical indicators on the daily chart are pointing to a firm uptrend, with the momentum oscillators above their respective midlines. For instance,the Relative Strength Index (RSI) is trading at 64.44, which signifies that the bulls are in control of the market sentiment.
TWT/USD 1-day chart:TradingView
Looking at the Chaikin Money Flow indicator to determine the money flow into the TWT market, it appears that the pressure is on buyers as Money Flow Index (MFI) has crossed above 0. This implies that traders are buying more Trust Wallet Token coins and supporting its price.
Looking at the 4-hour chart, a different picture emerges. The price of TWT has dropped 71 significantly and is currently trading at $1.72, hovering just above the 21-day EMA21 at $1.1 which could act as a strong support level.
TWT/USD 4-hour chart: TradingView
The bullish momentum seems to be slowing down as bearish histograms appear on the MACD indicator. The MACD line is crossing above the signal line, indicating that bulls are slowly gaining control of the market sentiment.
The Relative Strength Index line is corresponding to the bearish trend and is slowly heading downwards. On the other hand, the Chaikin Money Flow indicator is still positive and above 0, which may mean that buyers are still not fully in control.
A correction may take place in the near future, as TWT is currently struggling to break above the $1.81 resistance level. If sellers gain full control, there may be a further drop toward the $1.50 mark where strong support awaits.
Overall, Trust Wallet Token has had an impressive run in recent weeks and appears to be headed upward in the near term. TWT prices have slightly pulled back, but the coin is still trading above its 21-day EMA21 indicating an uptrend.
In a bearish scenario, the key retracement levels to watch for are $1.81 and the SMA50 at $1.50, while on the upside, prices may experience resistance at the EMA50 line. Ultimately, strong momentum from buyers is needed to push Trust Wallet Token past this level and reach new heights.
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