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The price of the Trust Wallet Token rose more than 11% in the last 24 hours to trade at $1.24 at 5:45 a.m. EST as investors began trading the altcoin on Binance Futures.
This impressive 24-hour performance was accompanied by a 510% increase in Trust Wallet Token trading volume, bringing the total to over $188 million.
Trust Wallet Token Price
Trust Wallet Token daily price chart (Source: TradingView)
The increase in the Trusted Wallet Token (TWT) price lifted the value of the altcoin above the $1.1715 barrier. A daily close above this level could see the price of the cryptocurrency rise again in the next 24-48 hours. This could be followed by a rise in the TWT to $1.4630 in the short term.
Traders and investors will want to take note of the fact that the indicators on TWT’s daily chart suggested that the altcoin’s positive trend may be coming to an end. Although the daily Moving Average Convergence Divergence (MACD) indicator recently triggered a major bullish technical flag, the daily Relative Strength Index (RSI) showed that TWT was in overbought territory.
Traders typically begin shorting a cryptocurrency that is in overbought territory, given the worryingly large amount of bearish potential. If the bears begin to put pressure on the altcoin price in the next 24 to 48 hours, then TWT could try to retest the recently surpassed $1.1715 mark.
Trust Wallet Token Price: Risk of a Steep Drop
A break below this key price point will open the risk of TWT retracing towards a positive trend line that had formed on its daily chart. This trend line will be the last thing that stands in the way of TWT the price could fall to the next support level at $0.9950.
A break below the positive trend line, which is not followed by a quick recovery, could be interpreted as a bearish signal. Overwhelming selling pressure at this point could force TWT price down to $0.8745 in the coming days.
Closing consecutive daily candles above $1.1715 today and tomorrow could invalidate this bearish thesis. This may be followed by TWT rising to the next major resistance level at $1.4630 over the course of the next 7 days.
A technical indicator supporting a positive short-term outlook for TWT is the daily MACD indicator. During the last 48 hours, the MACD line crossed above the MACD signal line, which may indicate a continuation of the positive trend of TWT in the coming days.
Possible confirmation
Given the mixed signals shown by the technical indicators on the daily chart of TWT, investors and traders may want to wait and see where the altcoin price closes against the $1.1715 mark over the next two days before to open a transaction. If TWT is able to establish a position above this level then it could be considered bullish, while a break below this point could be bearish.
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