While most altcoins bleed to their six-month low amid the crypto market crash in November, Trust Wallet Token (TWT) recorded a massive gain to a three-month high. It seemed to be losing momentum at the moment following a 5.2% price cut in a week.
After TWT recovered steadily above $1 in October, the price rallied upward to reach a high of $2.73 – an impressive 170% gain in five days before taking a break. It rebounded again at $1.8 but failed to push above the previous high.
As Bitcoin’s price started to increase this week, the price fell to $2.05 yesterday before it recovered briefly to where it’s trading around $2.2 at press time.
The price fall led to the breakdown of the ascending trend line, which serves as dynamic support for the market over the past week. This breakdown suggests a potential bearish.
The double-top pattern on the 4-hour chart is another angle to consider for the bearish signal. Although, the bearish pattern is still invalid and has yet to play out on the daily chart. A decrease below $1.8 would confirm this pattern.
However, it’s essential to pay attention to price movement in the lower time frame to capture a potential shift. As of now, TWT remains the 44th biggest cryptocurrency by market cap, with a 1.2% decrease over the past hours.
TWT Price Analysis (TWTUSDT): 4-Hour Chart
A look at the price actions on the 4-hour chart suggests a chance for buying at $1.8, which is right inside the orange demand zone. If the bulls can regroup from this zone, we can expect a bounce to $2.53 and potentially $2.73, the previous high. A push above it could trigger more buying pressure to $3 in the future.
Inversely, a break below this demand zone will cause serious selling in the market. The support level to keep an eye on is $1.6. There’s also support at $1.25 if it continues to lose momentum.
Key Resistance Levels: $2.53, $2.73, $3
Key Support Levels: $1.8, $1.6, $1.25
- Spot Price: $2.26
- Trend: Neutral-Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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