The TWT price displays a sharp increase in bullish momentum in the first few days of October. With the spirit of Uptober clearly visible in the TWT uptrend, the possibility of a prolonged uptrend is skyrocketing for Trust Wallet tokens.
Before the uptrend rally, the TWT coin price moved sideways between $0.80 and $0.95. However, the recent surge in buying pressure led to a bullish breakout of this consultation range, and currently, the retest phase is in motion.
With a phenomenal jump of 25% in the last 12 days, the TWT coin price exceeds the 50-day EMA and approaches the 200-day EMA. As it approaches the $1 mark, the coin price action did cross $1 on 8th October. However, due to the higher price rejection at $1.05, the prices return to the 200-day EMA.
Furthermore, the phenomenal uptrend increases the possibility of a golden crossover in the daily chart. This will increase the chances of an uptrend rally crossing above multiple resistance zones.
Currently, the TWT price is trading at $0.96 with an intraday jump of 1.12% to challenge the 200-day EMA. With such an intraday growth, the possibility of a post-test reversal from the $0.95 mark is incredibly high.
Technical indicators:
RSI indicator: The daily RSI line is rising higher with the 14-day SMA and is moving closer to the overbought boundary.
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?
Considering the uptrend sustains above the $1 mark, the possibility of a prolonged uptrend to $1.25 is highly possible. Therefore, the TWT price shows a potential for a jump of more than 25% at current market value.
Conversely, an increase in selling pressure due to heightened profit booking can lead to a retest of $0.90.
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