TWT buyers plan to escape a five-week-old falling channel pattern with a long bullish candle; should you enter long?
<h3>Key technical points:</h3>
<ul>
 	<li>The TWT price has increased 25% over the past four days.</li>
 	<li>The coin buyers mount strong support at the $0.55 mark</li>
 	<li>The 24-hour trading volume of Trust Wallet Token is $26.2 Million, indicating a hike of 39.5%. </li>
</ul>
<h2>Past Performance of TWT</h2>
The April-May bloodbath in a crypto crash triggered a significant correction in <a href="https://www.cryptoknowmics.com/news/twt-technical-analysis-trend-weakens-as-consolidation-range-grows/">TWT</a> 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.

<img class="alignnone" src="https://s3.tradingview.com/snapshots/0/0PaZGF9r.png" alt="TWT/USDT Chart" width="1834" height="859" />Source- <a class="editor-rtfLink" href="https://www.tradingview.com/x/0PaZGF9r/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>TWT Technical Analysis</h2>
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.
<h2>Upcoming Trend</h2>
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.
<ul>
 	<li>Resistance Levels: $0.74 and $0.87</li>
 	<li>Support Levels: $0.55 and $0.45</li>
</ul>

TWT Technical Analysis: Channel Breakout May Hint 30% Recovery

TWT technical analysis predicts recovery opportunities with channel pattern breakout. However, can it undermine the supply pressure at the 50-day EMA?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

TWT Technical Analysis: Channel Breakout May Hint 30% Recovery

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