Trust Wallet Token (TWT) experienced a significant price spike of over 11% in the past 24 hours, reaching $1.24. This surge was accompanied by a 510% increase in trading volume, totaling over $188 million. The altcoin’s price surpassed the $1.1715 level, which could potentially lead to further price increases within the next 24-48 hours, with a short-term target of $1.4630.
However, there are indications that the positive trend may be coming to an end. The daily Relative Strength Index (RSI) showed that TWT was in overbought territory, which often leads traders to short a cryptocurrency due to the potential for downside. If bearish pressure intensifies, TWT may retest the breached $1.1715 mark.
Breaking below this key level could expose TWT to further downside risk, potentially falling to the support level at $0.9950 and even as low as $0.8745 in the following days. On the other hand, consecutive daily candle closes above $1.1715 would invalidate this bearish scenario and could result in TWT rising to the next resistance level at $1.4630 over the next week.
The daily Moving Average Convergence Divergence (MACD) indicator supports a positive short-term outlook for TWT, as the MACD line crossed above the MACD Signal line in the past 48 hours.
Investors and traders should wait for confirmation of TWT’s price movement by observing its closing position relative to the $1.1715 mark in the next two days before making any trades.
In other news, Bitcoin Minetrix is revolutionizing cloud mining by reducing start-up costs and eliminating barriers to entry through its stake-to-mine model. As Bitcoin continues to gain popularity, with multiple spot Bitcoin exchange-traded fund (ETF) applications being filed, Bitcoin Minetrix is well-positioned to become a leading player in the cloud mining industry. The project’s native token, BTCMTX, not only generates returns for investors but also offers passive income in BTC through its mining platform.
Finally, PayPal has been served with a subpoena by the SEC regarding its PYUSD stablecoin. If approved, this could lead to a significant influx of capital into the cryptocurrency market, particularly towards Bitcoin. Investors looking for alternatives to Binance can explore other platforms like Cronos, Mantle, and Cardano.
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