Price Analysis

Upcoming Correction In Trust Wallet Token Price Offer A Discount Opportunity

A potential retracement may push the Trust Wallet Token price to a $1.8 mark or $1.56 support; buy this dip?

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Published 16 Nov, 2022 | 07:04:06 PM UTC

Upcoming Correction In Trust Wallet Token Price Offer A Discount Opportunity

The exponential rally in Trust Wallet Token prices stalled at the $2.5 resistance. However, the daily chart shows several long-wick rejection candles, and reducing volume indicates the prices trigger a bearish reversal. However, this potential pullback may go?

Key points:

The several higher price rejection candles at $2.5 indicate the Trust Wallet Token price is poised for a significant correction
The daily-RSI slope nosedived into the bearish territory.
The 24-hour trading volume in the Trust Wallet Token coin is $252.3 Million, indicating a 32.5% loss.

Source-Tradingview

The Trust wallet token price witnessed a massive inflow since last weekend, which soared the price to a new all-time high of $2.74. However, both fundamental and technical reasons backed the perpendicular growth of this altcoin.

From the price analysis outlook, the Trust wallet token gave a bullish breakout from a year-long symmetrical triangle pattern on October 17th. However, the post-retest rally experienced tremendous growth in buying pressure as Binance CEO Changpeng Zhao accentuated the necessity of trust wallet token amid the FTX crypto exchange crash.

However, the daily time frame chart shows long-wick rejection near $2.5 resistance, indicating the exhausted bullish momentum; thus, after such a sudden jump, the prices are well likely to witness a correction phase to stabilize the bullish trend,

The potential retracement could retest the 0.5 Fibonacci retracement level at $1.8 or the 0.618 FIB level at $1.57.

Technical Analysis

Relative Strength Index: the daily-RSI slope reverted from the oversold region, indicating that excessive buying is gradually getting stabilized. However, the indicator value above the neutral(50%) mark will reflect the bullish sentiment remains intact.

EMAs: an upswing in crucial EMAs(20, 50, 100, and 200) highlights a strong uptrend. Moreover, for potential correction, the rising EMAs could offer a suitable floating to resume the prior trend.

Trust Wallet Token Price Intraday Levels

Spot rate: $2.18
Trend: Bullish
Volatility: High
Resistance levels- $2.5 and $2.75
Support levels- $1.82 and $1.5

Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

Published by

Brian Bollinger

Published 16 Nov, 2022 | 07:04:06 PM

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