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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Oct 13, 2023 08:32 UTC
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TWT Price Analysis: Will TWT Rise 25% This Uptober?
TWT price action displays a sharp jump, leading to a range breakout.
The crucial EMAs tease a potential golden crossover to fuel the rally.
A closing price above the 200-day EMA will pump the TWT price to $1.25.
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.
Yes 
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