TradeCityPro | TWT: Navigating Trust Wallet's Market Moves๐ Welcome to TradeCityPro!
In this analysis, I'll be reviewing the TWT coin, a part of the Trust Wallet project, which is currently ranked 126th on CoinMarketCap with a market cap of $358 million.
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Daily Timeframe
As you can see in the daily timeframe, we're observing a very large range box from 0.7832 to 1.5725, where the price is currently near the bottom of this box.
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The floor of this box is a significant support range from 0.7832 to 0.8321 and is acting as a demand zone for the price.
๐ฝ Currently, the price has reached the 0.8321 area, tested it once with a shadow, and received support from it. If this area breaks, we'll enter the support zone, and we'll need to see how the price reacts to this zone.
๐ The market volume is very low, and for now, it seems there isn't enough strength and momentum in the market to break this area, but if a selling volume enters the market and the RSI goes into oversell, the likelihood of breaking this area increases. In this case, the next support will be at 0.6215.
๐ For buying this coin, I recommend waiting until it exits the range box it has created, as this would indicate upward momentum entering the market. Currently, there is no momentum in the market. Thus, the best trigger from my perspective is the breakout at 1.5725.
๐ However, for a long position or a risky spot purchase, you could enter upon the breakout of 1.0556. I mainly consider this trigger for futures, and for spot purchases, I would wait until the main resistance is broken.
โณ 4-Hour Timeframe
In the 4-hour timeframe, as you see, we had a box between 0.9395 to 1.0556, which has been cleanly broken from below, and you could open a short position with price consolidation below this area.
๐ฅ Currently, the price has reached the next support at 0.8321 and has shown some reaction. The RSI is currently in oversell, and if it receives support from this area, it could return to the normal range.
๐ For short positions, the triggers at 0.8321 and 0.7832 are suitable. The 0.8321 trigger is riskier, and I suggest waiting until the 0.7832 support is lost before opening a more secure position.
๐ผ For long positions, there's a very suitable ceiling at 1.0556, and breaking this area could lead to opening a long position.
๐ Final Thoughts
This analysis reflects our opinions and is not financial advice.
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