With altcoins finding support levels to find the nearest footing as Bitcoin stabilizes at around $28K, TWT price retests the $1 mark. The ongoing retest and the lower side rejection increase the support to a bull run possibility in the Trust Wallet Token price.
Escaping the long-term dynamic resistance of the 50-day EMA, the TWT price turns the tides in a bullish favor. With a jump from $0.71 to reclaim the $1 mark, the uptrend in Trust Wallet Token continues to form higher lows.
With TWT buyers driving the market value higher by 46% within the last 40 days, the Trust Wallet Token might soon recover the 25% YTD drop. Following the 200-day EMA and $0.95 retest, the bullish jump reaches the $1.15 peak before retesting the psychological mark of $1.
Taking a sharp reversal from the 200-day EMA, the retest of $1 seems successful and may soon charge the bull run. Moreover, the possibility of a morning star pattern arises at $1, teasing a stronger comeback for Trust Wallet Token.
The TWT price is currently trading at $1.049 with an intraday jump of 0.77%, sustaining the bullish spirit. Given the intraday growth and lower price rejection, the possibility of a post-test reversal from the $1 mark seems likely.
Technical indicators:
MACD indicator: The MACD and signal lines maintain a positive trend despite the shortfall in histograms. Thus maintaining a positive outlook on the TWT price trend.
EMA: The increasing proximity of the 50-day and 200-day EMA signals a potential golden crossover.
Will TWT Price Sustain Above The 50-Day EMA?
With the market ready to continue the Uptober rally, the altcoins may soon find a bullish comeback. In the case of Trust Wallet Token, the long wick and the demand at $1 may soon propel the prices. Considering the post-retest jump exceeds the $1.15, the TWT price can reach the $1.35 mark, accounting for a 16% hike.
Conversely, an increase in selling speed due to profit booking can lead to a retest of $0.90.
