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Trust Wallet Token price analysis: Will the rally continue?

By Rakesh Upadhyay

Edited by Martyn Cornell

18:37, 8 December 2022

Trust Wal;l;et Token logo on screen with gold cryptocurrency coins in wallet
Buyers are attempting to push Trust Wallet Token’s price above the overhead resistance – Photo: Ira Lichi/Shutterstock

FTX’s implosion in November has been negative for most cryptocurrencies, but Trust Wallet Token (TWT) has been a huge gainer during the period. After rising about 70% in November, TWT is attempting to resume its uptrend in December. Buyers are trying to push TWT above the overhead resistance of $2.45 as of 8 December 2022.

The collapse of the FTX cryptocurrency exchange dealt a big blow to investors’ confidence in centralised exchanges. Dylan LeChair, head of market research at BTC Inc, tweeted on 26 November that 179,250 Bitcoin (BTC) was withdrawn from exchanges in 30 days, which is a new record.

Trust Wallet received a boost when the CEO of Binance,Changpeng Zhao endorsed the platform and encouraged investors to take control of their coins.

Could Trust Wallet Token go up further or will it succumb to profit-booking? Read the TWT price analysis to find out.

Trust Wallet Token price technical analysis: Weekly chart

Trust Wallet Token TWT weekly chart 8/12/2022Trust Wallet Token TWT weekly chart 8/12/2022 – Source: Capital.com

TWT’s price picked up momentum after buyers pushed it above the overhead resistance at $1.37. The 20-week exponential moving average (EMA) is sloping up, indicating advantage to buyers, but the overbought reading on the relative strength index (RSI) suggests a consolidation or correction may be around the corner.

The important level to watch on the upside is $2.72, and on the downside, $1.80. The TWT/USD pair could consolidate inside this large range for a few weeks.

If the price consolidates near the overhead resistance of $2.72, it will suggest that traders are not booking profits as they anticipate a move higher. If the price breaks and closes above $2.72, the pair could soar to $3.70.

On the other hand, if the price turns down from the overhead resistance and breaks below $1.80, it will indicate that traders are rushing to the exit. That could open the doors for a deeper correction to the 20-week EMA.

ETH/USD

3,195.25 Price
+0.980% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BTC/USD

60,132.15 Price
+2.520% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

Gold

2,411.42 Price
-0.180% 1D Chg, %
Long position overnight fee -0.0191%
Short position overnight fee 0.0109%
Overnight fee time 21:00 (UTC)
Spread 0.60

XRP/USD

0.53 Price
-2.400% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

Trust Wallet Token price technical analysis: Daily chart

TWT daily chart 8/12/2022 – Source: Capital.com

Buyers are attempting to push Trust Wallet Token’s price above the overhead resistance at $2.45. The upsloping moving averages and the RSI in positive territory indicate the path of least resistance is to the upside.

A close above $2.45 could open the doors for a retest of the stiff resistance at $2.72. The bulls will have to clear this hurdle to signal the resumption of the uptrend. The pair could then climb to the target objective of $3.10.

Conversely, if the price turns down from the current level and breaks below the 20-day EMA, it will suggest that the pair may remain stuck between $1.80 and $2.45 for some more time.

The bears will have to sink and sustain the price below $1.80 to gain the upper hand. If they manage to do that, panic may set in and the pair could sink to $1.36.

Trust Wallet Token: Buy or sell this week?

Trust Wallet Token is trying to break above the immediate resistance of $2.45 and retest $2.72. If this resistance gets taken out, the pair may rise to $3.10. Alternatively, if the price turns down from the overhead resistance and breaks below the 20-day EMA, it will suggest that traders may be booking profit. Trust Wallet Token’s price analysis suggests that the pair could then decline to $1.80.

The views and opinions expressed in the article are those of the author and do not constitute trading advice. Trading and investing involve substantial risks and you should do your own research or contact your financial adviser before arriving at a decision.

Markets in this article

BTC/USD
Bitcoin / USD
60132.15 USD
1478.55 +2.520%
TWT/USD
TWT/USD
1.05359 USD
0.01129 +1.120%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
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