TWT Technical Analysis: Channel Breakout May Hint 30% Recovery
Table of contents
Key technical points:
Past Performance of TWT
The April-May bloodbath in a crypto crash triggered a significant correction in TWT price and plunged it to a low of $0.45. However, the high demand pressure immediately reverts the price higher and manages to sustain above the $0.55 mark. Furthermore, the altcoin has resonated in a falling channel pattern for the past five weeks. The coin price lowering within this pattern has retested $0.55 support thrice, expecting to replenish the bullish momentum.
Source- Tradingview
TWT Technical Analysis
Today, the TWT is up 15% and teases a bullish breakout from the falling channel pattern. However, the interested long-players should wait for the daily candlestick to close above the resistance before entering the market. The flattish SMAs 100 and 200-days accentuate an overall sideways trend. However, the coin price currently faces supply pressure near 50-day SMA, bolstering sellers to prevent channel breakout. The Rising-RSI slope climbs above the 20-day SMA and midline(50%), indicating a positive switch in trader’s sentiment.
The MACD indicator shows the fast and slow line gradually rising despite a falling price indicating growth in underlying bullishness. These slopes are poised to enter the bullish territory, which will give an additional confirmation for a pattern breakout. In a nutshell, the TWT technical analysis predicts recovery opportunity with channel pattern breakout.
Upcoming Trend
If TWT buyers sustain the channel breakout, the potential rally should surge 25% higher to the $0.871 mark. On a contrary note, if altcoin couldn’t hold above the descending trendline, the price will reenter the channel pattern and could plunge back to 0.55 support.