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The Trust Wallet Token price spiked more than 11% over the past 24 hours to trade at $1.24 as of 5:45 am EST as investors began trading the altcoin on Binance futures.
This impressive 24-hour performance was accompanied by a 510% surge in Trust Wallet Token’s trading volume, taking the total to more than $188 million.
Trust Wallet Token Price
Daily chart for Trust Wallet Token price (Source: TradingView)
The surge in the Trust Wallet Token price (TWT) elevated the altcoin’s value to above the $1.1715 barrier. A daily close above this level could then lead to the cryptocurrency’s price entering into another leg up within the following 24-48 hours. This could be followed by TWT rising to as high as $1.4630 in the short term.
Traders and investors will want to take note of the fact that indicators on TWT’s daily chart suggested that the altcoin’s positive trend may be approaching its end. Although a significant bullish technical flag was triggered by the daily Moving Average Convergence Divergence (MACD) indicator recently, the daily Relative Strength Index (RSI) showed that TWT was in overbought territory.
Traders typically begin to short a cryptocurrency that is in overbought territory given the concerningly large amount of downside potential. If bears begin to exert pressure on the altcoin’s price in the coming 24-48 hours, then TWT could look to retest the recently-breached $1.1715 mark.
Trust Wallet Token Price: Risk of a Steep Drop
A break below this key price point will then open up the risk of TWT retracing to a positive trend line that had formed on its daily chart. This trend line will be the last thing standing in the way of TWT’s price potentially falling to the subsequent support level at $0.9950.
A break below the positive trend line, that is not followed by a swift recovery, could be taken as a bearish sign. Overwhelming sell pressure at this point could then force TWT’s price to as low as $0.8745 in the following couple of days.
Consecutive daily candle closes above $1.1715 today and tomorrow could invalidate this bearish thesis. This may then be followed by TWT rising to the next major resistance level at $1.4630 through the course of the following 7 days.
One technical indicator that supports a positive short-term outlook for TWT is the daily MACD indicator. During the past 48 hours, the MACD line crossed above the MACD Signal line, which may indicate a continuation of TWT’s positive trend in the next couple of days.
Possible Confirmation
Given the mixed signals displayed by technical indicators on TWT’s daily chart, investors and traders may want to wait and see where the altcoin’s price closes in respect to the $1.1715 mark in the next two days before opening a trade. If TWT is able to establish a position above this level then it could be seen as bullish, while a break below this point may be bearish.
As investors wait for a confirmation of TWT’s future price movements, Bitcoin Minetrix is a promising project that is making waves across the cryptocurrency space.
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There has been a lot of hype surrounding BTC as about a dozen spot Bitcoin exchange-traded fund (ETF) applications have been filed by reputable asset management firms. Their approval could soon result in a vast amount of capital entering the cryptocurrency market, with the majority of it being directed towards BTC.
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Eager users can effortlessly purchase and employ #BTCMTX tokens to secure cloud mining credits, ultimately traded for hashing power. pic.twitter.com/c3Ojzq25h0
— Bitcoinminetrix (@bitcoinminetrix) November 2, 2023
As the hype surrounding the market leader continues to grow, many people within the cryptocurrency space are starting to look for ways to accumulate BTC.
Given its innovative approach to cloud mining, Bitcoin Minetrix is perfectly positioned to be one of the leading players within the cloud mining space.
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