TWT Technical Analysis: Breakout Rally Plans To Exceed $1.18
Table of contents
Key Technical Points:
Past Performance of TWT
As mentioned in our previous article, The Trust Wallet Token (TWT) price trend exits the rising wedge pattern in the daily chart. The breakout rally which beta overhead assistance of $1 mark resulting in an 18% price jump to reach $1.18 resistance level. However, a loss of bullish momentum results in a retracement to retest the bullish breakout of the psychological mark. Nonetheless, the buyers have regained trend control and are planning to exceed the $1.18 resistance level.
Source - Tradingview
TWT Technical Analysis
The TWT technical chart shows a lateral trend below the $1.18 resistance level, with the recent bullish candle displaying a growth of 2.87%. However, despite the increased bullish influence, traders must wait for a price action confirmation to avoid a bearish reversal.
The chance of a bullish crossover between the 100 and 200-day SMA increases as the Trust Wallet Token's market price sustains about the 200-day SMA. If the SMAs regain the bullish alignment, the price jump possibility to $1.50 will increase significantly.
The daily-RSI slope displays a diagonally bearish trend crossing below the overbought boundary and the 14 days average line. Moreover, the lack of bullet spread between the fast and slow lines lead to a merger which teases a bearish crossover in the MACD indicator. Hence the technical indicators oppose the bullish point of view of the price action analysis.
In a nutshell, the TWT technical analysis demands the traders to wait for a price action confirmation.
Upcoming Trend
If the TWT price action shows a bullish candle closing above the $1.18 horizontal level, a bull run to $1.30 is inevitable.
However, a bearish reversal will endanger the bullish dominance at the psychological mark of $1.
Resistance Levels: $1.18 and $1.30
Support Levels: $1 and $0.95