TWT Technical Analysis: Trend Weakens As Consolidation Range Grows

The consolidation range cushioning the downfall in TWT prices struggles to sustain the selling pressure and warns of a downfall continuation. Key technical points: The TWT market price has increased 6.80% over the past 24 hours. The price chart shows a death cross as the 50-day SMA crosses under 200-day SMA. The 24-hour trading volume of Trust Wallet Token is $36.98 Million, indicating a hike of 203%. Past Performance of TWT The TWT prices show a consolidation range between the $0.57 and $0.73 marks after the 45% downfall from May 5th to May 12th. The descent cracks under all the crucial SMAs and shows a lower high formation in the consolidation range. Hence, the weakening buying pressure increases the chances of a downfall continuation. Source- Tradingview TWT Technical Analysis The higher price rejection in the TWT daily candles shows a growing selling pressure ready to crack under the support of the consolidation range. Hence, traders can find a selling spot with a candle closing under the $0.57 mark. The crucial Simple Moving Averages: 50(red), 100(orange), and 200(black)-days start a declining trend resulting in the 50-day EMA crossing under the 200-day EMA. The crossover marks an increase in selling pressure and adds points to the consolidation fallout theory. The MACD and signal lines exhibit an upward trend with an expanding bullish spread and crosses over the zero line. Additionally, the upward trend of the bullish histograms shows an increase in buying pressure. The RSI indicator is signaling an increasing trend, which is expected to reach the halfway line soon as it crosses the fourteen-day SMA line. Therefore, the technical indicator indicates an increase in the buying pressure and opposes the TWT price action. Upcoming Trend An increase in selling pressure will result in the bear cycle crossing under $0.57, further depreciating the TWT market value by 20% to reach $0.45. Resistance Levels: $0.73 and $0.83 Support Levels: $0.57 and $0.45  

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