Upcoming Correction In Trust Wallet Token Price Offer A Discount Opportunity

Upcoming Correction In Trust Wallet Token Price Offer A Discount Opportunity

TWT

Published 1 hour ago

The exponential rally in Trust Wallet Token prices stalled at the $2.5 resistance. However, the daily chart shows several long-wick rejection candles, and reducing volume indicates the prices trigger a bearish reversal. However, this potential pullback may go?

Key points:

  • The several higher price rejection candles at $2.5 indicate the Trust Wallet Token price is poised for a significant correction
  • The daily-RSI slope nosedived into the bearish territory.
  • The 24-hour trading volume in the Trust Wallet Token coin is $252.3 Million, indicating a 32.5% loss.

Trust Wallet Token priceSource-Tradingview

The Trust wallet token price witnessed a massive inflow since last weekend, which soared the price to a new all-time high of $2.74. However, both fundamental and technical reasons backed the perpendicular growth of this altcoin.

From the price analysis outlook, the Trust wallet token gave a bullish breakout from a year-long symmetrical triangle pattern on October 17th. However, the post-retest rally experienced tremendous growth in buying pressure as Binance CEO Changpeng Zhao accentuated the necessity of trust wallet token amid the FTX crypto exchange crash.

However, the daily time frame chart shows long-wick rejection near $2.5 resistance, indicating the exhausted bullish momentum; thus, after such a sudden jump, the prices are well likely to witness a correction phase to stabilize the bullish trend,

The potential retracement could retest the 0.5 Fibonacci retracement level at $1.8 or the 0.618 FIB level at $1.57. 

Technical Analysis

Relative Strength Index: the daily-RSI slope reverted from the oversold region, indicating that excessive buying is gradually getting stabilized. However, the indicator value above the neutral(50%) mark will reflect the bullish sentiment remains intact.

EMAs: an upswing in crucial EMAs(20, 50, 100, and 200) highlights a strong uptrend. Moreover, for potential correction, the rising EMAs could offer a suitable floating to resume the prior trend.

Trust Wallet Token Price Intraday Levels

  • Spot rate: $2.18
  • Trend: Bullish
  • Volatility: High
  • Resistance levels- $2.5 and $2.75
  • Support levels- $1.82 and $1.5

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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