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Trust Wallet Token price is starting to feel the pinch as investor confidence in the crypto market’s recovery gradually deteriorates. Unlike other tokens, TWT tumbled in December from highs around $2.74 to lows of $1.24.
Bulls have struggled to keep the uptrend in January and February, but TWT hit another snag at $1.88, leaving the critical resistance at $2.00 untested. TWT, the token powering the Trust Wallet, a crypto asset self-custody platform, now trades at $1.47 while balancing the subtle gains accrued in 2023 with the possibility of declines to $1.00.
TWT price is forming a bearish divergence with the Relative Strength Index (RSI) on the daily chart. If this technical outlook does not improve with the RSI lifting above the falling trendline, investors would begin to acclimatize to the possibility of declines taking over the next few days and maybe weeks.
From the same daily time frame chart, we see Trust Wallet Token price boxed between a rock and a hard place. Support is provided by a confluence at $1.4155 – provided by the 200-day Exponential Moving Average (EMA) (line in purple) and the ascending trend line.
On the other side of the fence, TWT’s immediate upside has been capped by a confluence resistance formed by the 50-day EMA (line in red) and the 100-day EMA (line in blue) around $1.5363.
With the RSI stuck below the mean line, the path with the least resistance could easily flip to the upside. Hence, bulls must ensure support at $1.4155 holds in place to avoid losses likely to retest the primary support at $1.00.
The pressure mounting on Trust Wallet Token price is also on the verge of exploding, especially if a death cross pattern comes into play. Notice the 50-day EMA moving to flip beneath the 100-day EMA. With no vivid signs of an immediate rebound in sight, traders could heed the call and start offloading their TWT wallets.
A death cross is a bearish pattern that appears when a short-term moving average crosses below a long-term moving average – the opposite of this is a golden cross, which would often lead to a bullish outcome.
For now, consolidation between the confluence support and resistance is the best bet for a trend reversal in the coming weeks. Trust Wallet Token price would start gaining momentum following a break above the seller congestion mentioned at $1.5363. Such a breakout could help repair fading investor confidence for the next recovery move to $2.00 and the subsequent hurdle at $2.74.
Trust Wallet Token Is in Danger of A 17% Drop – Short-Term Outlook
The four-hour timeframe chart reveals the formation of a symmetrical triangle, which if validated could result in a 17% downswing to $1.2259. Since symmetrical triangle patterns do not have bearish or bullish biases, a break below the rising trend line, as shown on the chart, tends to confirm an incoming spike in overhead pressure.
Traders should be on the lookout for rising volumes as short positions in Trust Wallet Token turn profitable toward $1.2259. The distance between the widest points of the triangle determines the breakout target extrapolated below the pattern.
A sell signal from the Moving Average Convergence Divergence MACD) indicator emphasizes bears hold the reins, at least for now. As the MACD (line in blue) slides below the signal line in red, the odds would flip to favor a bearish outcome.
The position of the MACD (momentum indicator) could help market participants make the right decisions. Unlike on the daily chart, the RSI on the four-hour chart is strongly bearish as it drops below the midline.
Overhead pressure may overwhelm any bullish advances whatsoever as the moving average in the RSI creates a divergence beneath the signal line in yellow.
On the other hand, bulls may tighten their grip on Trust Wallet Token if they reclaim support by the 50-day EMA (in red) at $1.4725 on the four-hour chart. Remember, tables can turn with the symmetrical triangle leading the way to a 17% upswing, aiming for highs around $1.7758.
Trust Wallet Token Alternatives to Buy Today
Before buying TWT, investors may want to consider some of the best crypto presales in the market. A dedicated team of experts reviews various tokens every week to come up with a list of the best altcoins to buy as you build your crypto portfolio. The list below shines a light on the best up-and-coming crypto projects to buy as you grow your crypto portfolio for 2023.
For instance, Fight Out (FGHT) is an incentive-driven move-to-earn (M2E) ecosystem, giving users access to rewards for the workouts they are doing. The team behind this revolutionary Web3 platform believes there should not be barriers to entry in the fitness industry and that all people should have access to resources that help them lead healthy lifestyles.
Fight Out will reward users with an in-game currency called REPS which will be used to motivate fitness enthusiasts. Community members will be able to purchase more REPS with FGHT – thus increasing demand for the primary token.
After running the presale just a few months, Fight Out’s team has raised $4.50 million so far with the price increasing in 12-hour intervals. The presale is almost to the finish line with the first exchange listing expected in early March.
Visit Fight Out Now.
Other investors are also looking at C+Charge (CCHG), a crypto project built around revolutionizing the EV charging industry. For the first time, EV drivers will have access to the carbon credit industry.
C+Charge rewards users who pay with CCHG when charging their vehicles with carbon credits. The same credits can be used to mint NFTs to sell in a dedicated marketplace. So far CCHG has raised $1.39 million in a presale that has been running for a few weeks.
Visit C+Charge Now.
As blockchain use cases expand to cover real-life activities, Metropoly (METRO) is pushing innovation to the next level. By bringing up an NFT marketplace, Metropoly believes it has what it takes to change how investment is conducted in the real estate industry.
Users who buy the NFTs will have indirectly purchased properties from which they can receive rental income. In addition to that, the process of investing would come down to less than 20 seconds from the current 60 days globally. Investors buying METRO have raised $930k so far in a presale that is selling out fast.
Visit Metropoly Now.
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