In the midst of ongoing selling pressure in Bitcoin, Trust Wallet Token (TWT) has recently shown a bullish trend over the past 24 hours, attracting traders for potential short-term positive trades.
As the Bitcoin (BTC) price dips to a 3-month low below the important $25,000 support level, Trust Wallet’s native token, TWT, has experienced a notable overnight surge of over 12%. This coincides with the emergence of a rounding bottom formation in the hourly price chart.
In line with the aggressive selling witnessed last week, Trust Wallet Token (TWT) was also impacted, experiencing a significant 31% decline and reaching a previous support level of $0.700. Surprisingly, this 10-month low served as a catalyst, leading to a remarkable 26% increase in TWT token’s value from $0.7117 to $0.908 during the current week.
Currently, the TWT token is being traded at the $0.84 level, reflecting an overnight gain of 12%. Notably, based on CoinMarketCap data, the trading volume has experienced a significant surge of 550% in the past 24 hours, reaching an impressive $85 million. This surge in volume indicates a notable increase in fresh buying positions.
However, the 20-day simple moving average continues to pose as an immediate resistance zone, potentially hindering further recovery.
On the daily price scale, TWT’s price broke down the falling wedge pattern last week, ultimately reaching a new yearly low. Interestingly, buyers can take solace in the ongoing price recovery, as the Relative Strength Index (RSI) has rebounded from the extreme oversold zone. Currently, the RSI is hovering within the 35 range.
Additionally, the Moving Average Convergence Divergence (MACD) is on the verge of displaying a bullish crossover, although it has yet to enter the positive region.