Trust Wallet Token Price Forecast: TWT Soars 11% As Traders Turn To This Turbocharged Bitcoin Alternative With 20X Potential

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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 begin trading the altcoin on Binance futures.

This impressive 24-hour performance was accompanied by a 510% surge in Trust Wallet Token’s trading volume, totaling 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 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 the Trust Wallet Token price (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 the 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.

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 not followed by a swift recovery could be taken as a bearish sign. Overwhelming sell pressure at this point could force TWT’s price to as low as $0.8745 in the following couple of days.

Consecutive daily close 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 through 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.

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