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Sanjay Shukla
Nov 24, 2022
by Sanjay Shukla

TWT Technical Analysis: Trust Wallet Faces Bearish Turnaround at $2.25

TWT Technical Analysis
The technical analysis of TWT indicates a lack of bull in the market with prices falling below the 200-day EMA, dragged by increasing selling pressure.

After a brief spell of reversal, Trust Wallet (TWT) is again on a bearish trend, registering a drop of 1.3% over the last 24 hours. TWT prices have been revolving between the range of $2.25 and $2.13 on the declining trend under the influence of a resistance trendline. A further drop may take the TWT below $2.10 which may trigger a selling spree in the market and strengthen the bearish momentum. A sharp drop of 56.11% in the 24-hour trading volume of TWT to 65.02 million and a 0.49% decline in market cap to $912.26 million, reflects a lack of enthusiasm in the market.

Key Points

  • TWT price action displays a downtrend due to increasing selling pressure 

  • Prices falling below 200-day EMA on the daily chart, reflect a bearish turnaround  

  • The intraday trading volume in TWT is 65.02 million, with a 56.11% drop 

    • TradingView ChartSource: Tradingview

    TWT Technical Analysis

    TWT price action shows a bearish turnaround from $2.25 owing to high selling pressure caused by uncertainty in the crypto market after the fall of crypto exchange giant FTX. As prices fell below $2.15, TWT daily chart reflects a continuation of bearish momentum in the market. The multiple high-price rejection candles from the 200-day EMA show strong overhead opposition. If TWT manages to contain the current downtrend, the sideline traders may expect an entry opportunity at the potential reversal rally above the $2.25 price range. Conversely, if the token fails to reverse, the current downtrend may dump the TWT price below $2, sparking a selling spree.

    Technical Indicators

    RSI struggles to stay above the midpoint due to increased selling pressure. After a small spell of the surge in demand, the RSI dived down below the mark of 50 under 14-day SMA, making a bearish divergence. On the bearish histogram, MACD also declines to make a bearish crossover, approaching the halfway line.

    Hence, the technical indicators show a prolonged downtrend in the market with RSI indicating rising selling pressure with no sign of a bullish reversal.

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    TWT Technical Analysis: Trust Wallet Faces Bearish Turnaround at $2.25
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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