- Over the past one week Bulls have dominated TWT market.
- TWT support can be found at $2.37.
- Technical indicators predicts that the bullish momentum might continue in the coming hours.
The bulls in Trust Wallet Token (TWT) have been able to keep their grip on the price of TWT throughout the past one week. During the course of the previous trading day, purchasers of TWT tokens established a resistance level of $2.62 and a support level of $2.36.
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At the moment, the price of the TWT/USD pair is trading at $2.63, and it has had a trading volume of $66,523,831 over the past 24 hours. With a market valuation of $1,036,307,226 it has a ranking of #41 on CoinMarketCap,
Readings of 91.75 on the stochastic RSI place the market in an overbought condition, which indicates that buyers are in command of the situation. However, this should serve as a warning to investors and traders because the price of TWT is very close to reaching its maximum purchasing capacity. As a result, there is a possibility that the price of TWT will reverse.
The market is currently under bulls control, as evidenced by the trend of the Bull Bear Power (BBP) indicator, which is at 0.2670. This bullish movement is reinforced further by the fact that BBP is currently moving northward, hence the bullish movement may continue in the short term.
With a reading of 72.35, the relative strength index (RSI) is currently above the signal line; this indicates that bullish momentum may be anticipated in the long run. Additionally, the RSI indicator is moving closer to the overbought region, which suggests that the buying pressure is currently greater than the selling pressure.
The formation of the trajectory histogram on the positive side, which currently has readings of 0.0227, denotes that bullish sentiment is most likely to persist in the coming hours. Another factor contributing to the strengthening of bullish sentiment is the MACD line, which is currently located above the signal line, suggesting that there might be sustained buying pressure in the near term.
The upward movement of the Average Directional Index (ADX) indicator indicates that the bulls are in control of the TWT price. This is reinforced by the fact that the ADX is above the overbought “25” region with a reading of 27.67, implying that the bulls’ impact may be felt in the near term.
To summarize, bulls in the Trust Wallet Token (TWT) price appear to be maintaining the bullish trend as indicated by the technical indicators, and thus bullish momentum may continue in the coming hours.
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