TWT Technical Analysis: Triangle Breakout Rally Approaches $1 Milestone
Table of contents
Key Technical Points:
Past Performance of TWT
As mentioned in our previous article, the TWT prices breached the resistance trendline of the symmetrical triangle pattern and started to approach the $1 mark. Since the publication, the breakout rally has appreciated the market value of Trust Wallet Token by 10% and breached the $0.90 mark. However, the higher price rejection in the daily candles warns of a bearish retracement to retest $0.85.
Source - Tradingview
TWT Technical Analysis
The sudden spikes in the intraday trading volume supporting the bullish growth in TWT prices indicate strong bullish players in the game. However, traders waiting to find a new buying spot can eye the $1 breakout.
The growing prices of Trust Wallet Token influence a positive trend in the EMAs, especially the 50-day EMA. The likelihood of a golden crossover increases as the spread decreases between the 50 and 200-day EMA.
The RSI indicator showcases a gradual growth in underlying bullishness as the slope sustains a diagonal uptrend above the halfway line. Moreover, the lack of bearish divergence symbolizes solid underlying sentiments.
Moreover, the MACD and signal lines gain more spread after reclaiming the bullish alignment above the zero line. The rising trend in the bullish histograms adds a point bullish trend continuation theory.
In a nutshell, the technical indicators ignore the higher price rejections and make the overall sentiment of our TWT technical analysis bullish.
Upcoming Trend
If the growing bullish demand undermines the long-wick candles at $1, the TWT prices will shoot up to the next resistance level at $1.18.
Conversely, a reversal from the $0.95 level will crash the prices to retest the support level close to $0.85.
Resistance Levels: $0.95 and $1.04
Support Levels: $0.85 and $0.73