On November 27, the trading price of the Trust Wallet Token (TWT) experienced a rebound. The data shows that the rebound in the trading price of TWT was a sharp one and caught the attention of many.
On that particular day, the asset’s price was able to rebound and managed to rise over $2.07 (20-day EMA).
TWT Rebounded Over $2.45
As the TWT price started to rebound, it continued to rise significantly. The price of the asset not only crossed the 20-day EMA but also crossed the resistance level.
At that particular time, the first resistance level for the asset was at $2.45 and the TWT crossed it on December 2.
This means that the trading price of TWT has mainly remained in the bullish territory. The asset may continue moving in the bullish territory, making things favorable for the bulls.
One of the major reasons behind the push is the strong positive sentiments of the bulls. They are not letting any opportunity pass and are reportedly buying every dip.
They are constantly acquiring TWT, which has continued pushing the asset’s price higher. If the trend does not come to a halt, then TWT’s price may continue surging.
Bulls to Face a Challenge at $2.73
If the price of TWT continues to rise with the same momentum, then the asset’s trading price may come closer to $2.73. However, this will be another stronger resistance level that the bulls may find difficult to cross.
The bears may pose a great challenge against the bulls to defend the $2.73 mark. If they are not able to do it, then TWT’s price may continue surging.
TWT’s Jump to $3.51
Then the next difficult challenge for the bulls would be to cross the $3 mark. The bears would need to exert great selling pressure in order to lower the confidence of the bulls and pull TWT lower than $2.73.
If things do not work out for the bears, then the price of TWT may continue moving in the upward direction. In this particular scenario, the price of TWT may successfully rise up to $3.51.
If the momentum does not break, then the trading price of TWT may continue traveling on the high road and hit higher resistance levels.
Positive Factor Helping TWT
At the moment, TWT is in very high demand and that is because users are acquiring it for discounts.
The token is used on the Trust Wallet platform where the users can TWT for discounts on services they acquire.
As the major cryptocurrencies have become very bearish in recent months, people are now moving to assets that are bullish and are offering utilities.
Although Bitcoin is the largest crypto it does not have much utility to offer. On the other hand, TWT offers a lot of utilities and the most prominent one is the platform granting discounts.
Consumers are now going for cryptocurrencies that are not only offering utility but more than that. The token is available through the BNB blockchain and it can be used on Binance to purchase NFTs.
The most attractive part is that the users can avail discounts when they are transacting in particular assets. The TWT price surge in the latest trading sessions proves that the token’s adoption is rising.
If things keep going in the same direction as they have for the past few days, TWT’s price would indeed continue getting pushed higher.
Dip to $1.81
In a case where the positive factor does not work out and TWT keeps moving in the negative direction, then the price of TWT may fall below the $2.73 level first.
From there, the price of TWT may continue experiencing a constant decline. It may fall to a low of $2.54, and then down to $2.25.
If TWT keeps declining, then the selling spree may not end there and it may end up pulling TWT to $1.81.