TWT Technical Analysis: Sustaining Above $1 Brings Breakout Entry

The bullish reversal from the 50-day EMA breaks the short-term downtrend with a trendline breakout and sustains above the $1 mark. Furthermore, the price action shows a breakout entry opportunity for the sideline traders. So, will the bullish breakout result in a rally to reach the $1.13 mark?

Key Points:

Source - TradingView

TWT Technical Analysis

As mentioned in our previous article, the TWT prices broke above the short-term resistance trendline but took a dip to the 50-day EMA before doing so. The bullish engulfing candle with a 6.3% jump comes after the lower price rejection near the 50-day EMA.

Currently, the engulfing candle helps in market valuation above the psychological mark of $1.0 and breaks the short-term resistance trendline. Furthermore, there is a slight spike in the trading volume, supporting the price jump.

The TWT daily candle takes a bullish engulfing shape to undermine the last three days of retracement, with 15 hours left on the clock.

Hence, the breakout spot brings entry opportunities for sideline buyers as the overall market sentiments improve. The unleashed trapped momentum shows the potential to reach the overhead resistance of $1.18 with the long-term resistance trendline breakout.

Conversely, a bearish turnaround will drop the TWT prices from the resistance trendline to the first support level at $1.04.

Technical Indicators

The 14-day SMA follows a similar course, and the daily-RSI slope exhibits a diagonal trend passing over the halfway point. Additionally, the fast and slow lines are crossing above the zero line, which is supported by the MACD indicator's expanding bullish histogram. As a result, the signs continue to indicate a purchase for the TWT token.

Resistance Levels - $1.13 and $1.18

Support Levels - $1.04 and $1