The price of Trust Wallet Tokens reached a level of resistance at $2.5, which caused the exponential climb in price to cease. On the other hand, the daily chart shows a series of rejection candles with long wicks, in addition to a decline in volume, which both signal a change in direction toward the downside. But where would this potential decline go if it occurred?
Important: As a result of the three rejection candles that have shown at $2.5, the price of Trust Wallet Tokens is about to drop by a significant amount.
The daily relative strength index (RSI) indicator’s slope plunged into the “bearish” zone.
A loss of 32.5% was seen in the 24-hour trading volume of the coin known as Trust Wallet Token, which came in at $252.3 million.
The market for Trust wallet tokens has seen a significant influx of funds since the weekend, which has sent the price skyrocketing to a brand-new all-time high of $2.74.
The reason for this rise in price is unclear. However, the emergence of this alternative currency was backed by both fundamental and technical considerations, demonstrating that its stratospheric rise was not a fluke and was not due to a random event.
The price research prognosis for the Trust wallet token turned bullish on October 17, as it broke out of a symmetrical triangle pattern that had been in place for the previous year.
However, after the retest, there was a lot more pressure to buy as Binance CEO Changpeng Zhao remarked about how crucial the trust wallet token was following the collapse of the FTX cryptocurrency exchange.
On the daily time frame chart, the rejection of the long-wick pattern near the $2.5 resistance indicates that bullish momentum is losing some of its strength.
Following such a precipitous increase, it is expected that prices will experience a period of adjustment in order to establish a more stable upward trend.
The retracement could either go back to the 0.618 FIB level, which is $1.57, or it could go back to the 0.5 FIB level, which is $1.8.
Since the daily RSI slope has moved back up from the “oversold” level, this demonstrates that the recent excitement about buying on the market has started to settle down.
Indicators that continue to show readings higher than 50% suggest that bullish sentiment is still active.
There is a clear indication of an uptrend when the moving averages (EMAs) of 20, 50, 100, and 200 days all move in the same upward direction.
In addition, if there is a need for a correction, the rising EMAs may provide a decent means to float back to the trend that was there before.
Price fluctuations that occur every day for a Trust Wallet Token are as follows: $2.18 (Spot)
Significant levels of unpredictability Resistance can be found between $2.5 and $2.75, with support at $1.82 and $1.5.
Since 2005, I’ve been employed in the journalism industry. Blockchain technology and cryptocurrency have captured my attention ever since 2013. I’ve written about a wide variety of topics, ranging from movies and money to clothing and makeup, and everything in between. You can reach me by emailing brian (at) coingape.com.
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