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TWT Technical Analysis: Channel Breakout May Hint 30% Recovery

Analytics

cryptoknowmics.com 17 June 2022 12:05, UTC
  
Reading time: ~2 m

TWT buyers plan to escape a five-week-old falling channel pattern with a long bullish candle; should you enter long?

Key technical points:

  • The TWT price has increased 25% over the past four days.
  • The coin buyers mount strong support at the $0.55 mark
  • The 24-hour trading volume of Trust Wallet Token is $26.2 Million, indicating a hike of 39.5%. 

Past Performance of TWT

The April-May bloodbath in a crypto crash triggered a significant correction in TWT 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. TWT/USDT ChartSource- Tradingview

TWT Technical Analysis

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.

Upcoming Trend

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.

  • Resistance Levels: $0.74 and $0.87
  • Support Levels: $0.55 and $0.45

   Source
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