TWT Technical Analysis: Will TWT Buyers Break The Rising Wedge?
Table of contents
Key technical points:
Past Performance of TWT
The TWT prices show a bullish trend with the support of an ascending trendline accounting for a price jump of 30% in the last 20 days. The bull run started from the $0.75 support level to reach the psychological mark of $1. Furthermore, the price trend creates a rising wedge pattern teasing a potential bullish trend continuation if the resistance trendline falls.
Source- TWT prices
TWT Technical Analysis
Over the last two days, the TWT prices have taken a bullish turnaround from the support trendline to challenge the resistance trendline of the rising wedge pattern. Hence traders can expect a bullish breakout which may result in an uptrend to reach the $1.18 mark.
As the market value arises within the bullish pattern, the Golden Cross over of the 50 and 200-day SMAs occurs in the daily chart. Hence we can expect the SMAs to reclaim the positive alignment and fuel the bullish breakout rally.
The RSI slope shows a bullish turnaround within the nearly overbought zone to exceed the 14-day SMA. Hence the technical indicator reflects an increase in the underlying bullishness.
The MACD indicator shows the fast and slow lines avoiding a bearish crossover as the buying pressure increases, as the positive histogram.
In a nutshell, the TWT Technical Analysis forecasts a high possibility of a bullish breakout as the buying pressure increases.
Upcoming Trend
If the market value exceeds the resistance trendline, the TWT prices will skyrocket above the psychological mark of $1. Traders can expect the breakout rally to reach $1.18, accounting for an 18% price jump. Conversely, a bullish failure can further consolidate the price pattern. However, a bearish breakout might result in a price jump to $0.83.
Resistance Levels: $1 and $1.18
Support Levels: $0.90 and $0.83