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Can Trust Wallet Token (TWT) Reclaim $1 level?
TWT has experienced a notable correction this past week, technical indicators suggest potential stabilization or recovery, particularly with the token’s RSI in neutral and MACD showing signs of bullish momentum.
Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken.
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TWT Crypto Price Analysis- Current Price: $0.829
- Market Cap: $345.59 million
- 24-Hour Trading Volume: $137.99 million
- Circulating Supply: 416.65 million TWT
- Total Supply: 1 billion TWT
Img src- Altfins
Price is in a Downtrend, however, it had a bullish breakout from Falling Wedge pattern and reached our target of $1.00 resistance.
It got rejected there. We would be buyers on pullbacks to $0.70 support, which is a possible swing trade entry with +30% upside potential back to $1.00. Stop Loss at $0.64.
Buy Now Weekly Price Analysis- 7-Day Change: -10.8%
- Week Open Price: $0.93
- Current Price: $0.829
- Trend: Short-term trend is Down, Medium-term trend is Down, Long-term trend is Strong Down.
- Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining.
- Support and Resistance: Nearest Support Zone is $0.81, then $0.70. Nearest Resistance Zone is $0.90, then $1.00.
- RSI is currently within the neutral zone (30-70)
- The MACD is showing a slight bullish divergence
- TWT’s price is hovering near the lower Bollinger Band, indicating that it is currently oversold
- Trust Wallet’s rapid growth in Africa and South Asia: TWT has seen significant user adoption in emerging markets, with many users flocking to the platform to access stablecoins and decentralized finance (DeFi) services.
- Concerns over recent volatility: The recent 20% drop in TWT’s price has been linked to a large token sell-off by a long-term holder.
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