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Cryptoknowmics 2022-10-06 13:00:31

TWT Technical Analysis: Retest Phase Teases Cup And Handle Pattern

The TWT Technical Analysis shows a bullish breakout rally of a long-coming resistance trendline reversing from the psychological mark of $1 for a retest. The TWT price action exhibits a bullish failure to exceed the psychological mark of $1 due to excessive selling resulting in a bearish turnaround. Currently, the price action shows a lower price rejection candle retesting the 50-day EMA. So, will the post-retest reversal rally break above the $1 mark? Key Points: The Trust Wallet Token price action shows an uptrend reversing from $1. The spike in trading volume supports the breakout candle. The intraday trading volume in Trust Wallet Token is $30.98 million. Source – TradingView TWT Technical Analysis As we mentioned in our previous analysis, the TWT price action reverses from the 200-day EMA to break above the long-coming resistance trendline. The bullish breakout candle shows a price jump of 7.17% to reach the psychological mark of $1. The price action displays a 12% jump in the last four days, leading to a streak of bullish candles. Furthermore, the lower price rejection in the present daily candle projects a high possibility of a post-retest reversal from the 50-day EMA. Additionally, the price action exhibits a rounding bottom pattern with a neckline at the psychological mark of $1. The bullish breakout of the $1 mark will result in a price jump to the swing high at $1.18, accounting for an 18% rise. Conversely, the bear...

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