Triangle Breakout Rally Approaches $1 Milestone

The Trust Wallet (TWT) prices rally with the triangle breakout resulting in the 15% last week.  Will this breakout rally exceed the $1 threshold?

Key Technical Points:

  • The TWT prices jumped by 6% in the last 24 hours.
  •  The triangle breakout rally exceeds all the crucial EMAs.
  • The 24-hour trading volume of Trust Wallet is $35.80 million, indicating a gain of 267%.

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. TradingView Chart 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

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