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TWT Technical Analysis: TWT Buyers Struggle At 200-day EMA

Analytics

cryptoknowmics.com 22 September 2022 18:38, UTC
  
Reading time: ~2 m

The TWT Technical Analysis shows a declining trend, under the influence of a resistance trendline, challenging the buyers at the 200-day EMA. The TWT price action displays a declining trend after reversing from the overhead resistance of $1.18, accounting for a price drop of 25%. The downtrend leads to the generation of a resistance trendline giving the bullish growth in check. Currently, the falling prices challenge the 200-day EMA at the crucial support level of $0.90.

Key Points:

  • The Trust Wallet Token prices show a  power struggle at the crucial level of $0.90.
  • The 200-day EMA fallout will result in a 10% fall.
  • The intraday trading volume in Trust Wallet Token is $11.15 million.

TWT Price Chart Source - TradingView

TWT Technical Analysis

The TWT price action displays a bearish turnaround from the $1.18 mark after facing an increase in selling pressure. The bearish reversal accounts for a price drop of 25% over the last few months leading to a price drop to the 200-day EMA. Currently resting at the $0.90 support level, the price trend struggles to sustain above the 200-day EMA. However, the 2.52% intraday growth results in a bullish candle reflecting a possibility of a positive turnaround with a morning star pattern. Therefore, short-term traders can expect a long entry opportunity to ride the reversal rally to the resistance trendline. If the buying pressure persists, the TWT market value will incline by 6.84% to reach the resistance trendline at $1. However, if the buyers fail to sustain dominance over the 200-day EMA, the failed morning star pattern will prolong the downtrend to $0.80.

Technical Indicators

The falling RSI slope takes a bullish reversal in the nearly oversold zone, ready to reach the halfway line reflecting growth in bullish influence. However, the bearish trend in the MACD and signal lines continues with a strong trend in the negative histograms. Therefore, the technical indicators take a bearish side to oppose the TWT price action analysis. Resistance Levels - $1 and $1.18 Support Levels - $0.90 and $0.80


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