TWT Technical Analysis: Correction Rally Challenges 100-day EMA
Table of contents
Key Technical Points:
Past Performance of TWT
The TWT price action shows a bullish failure to cross above the $1.20 mark resulting in an evening star pattern leading to a sideways trend. The increased supply at $1.20 results in a downfall of 20% over the last two weeks and breaks under the psychological mark of $1. Moreover, the price action displays a triple black crow formation with a spike in trading volume, reflecting a boom in selling pressure.
Source - Tradingview
TWT Technical Analysis
The TWT price action displays lower price rejection in the daily candle, which is evident in the long tail formation, increasing the possibility of post-retest reversal. As the market price sustains above the 100-day EMA, the chances of EMAs maintaining a bullish alignment look promising.
As the selling pressure increases, the daily RSI slope fails to sustain above the halfway line. Moreover, the MACD indicator displays a declining trend in the fast and slow lines with an increasing bearish gap after the recent crossover event.
In a nutshell, the TWT Technical Analysis displays a high-momentum bearish trend challenging the 100-day EMA.
Upcoming Trend
TWT price trend experiences a high bearish influence teasing a drop below the 100-day EMA and the $0.90 support level. Traders can expect the fallout rally to reach the $0.83 support level.
However, the lower price rejection projects a bullish reversal possibility to test the overhead resistance at $1.04.
Resistance Levels: $1 and $1.18
Support Levels: $0.90 and $0.83