The Trust Wallet Token (TWT) Breaks Descending Resistance Trendline
The price of the Trust Wallet Token (TWT) has broken out from a descending resistance trendline that has been in place for 130 days. Previously, the cryptocurrency faced multiple rejections from this trendline, causing it to reach a low of $0.71 on September 11. However, a bullish engulfing candlestick and a higher low on September 25 signaled a change in momentum. While the rest of the crypto market has been bearish, TWT accelerated its rate of increase and reached a high of $0.95 on October 4.
TWT Price Prediction: Will Price Reach $1?
According to technical analysts who use the Elliott Wave theory, the ongoing increase in TWT’s price is supported by the wave count and investor psychology. The distinct three-wave structure of wave B suggests that the price is either in wave C or has started a new bullish impulse. If waves A:C have a 1:1 ratio, it could lead to a high of $1, slightly above the main resistance area at $0.97. This represents a 10% increase from the current price.
Furthermore, the RSI (Relative Strength Index) indicator also supports a bullish sentiment. With readings above 50 and an upward trend, it suggests that bulls still have an advantage. The RSI broke out above 50 and is increasing, indicating a bullish trend for TWT.
Hot Take: TWT Price Breaks Resistance Trendline, Positive Momentum Expected
The Trust Wallet Token (TWT) has successfully broken out from a descending resistance trendline that had been in place for 130 days. This breakout, coupled with bullish candlestick patterns and positive indicators like the RSI, suggests that TWT’s price may continue to rise. Technical analysis using the Elliott Wave theory also predicts a potential high of $1 for TWT. However, if the price falls below key levels, such as the September 12 high or $0.83, it could indicate a reversal in momentum. Overall, the outlook for TWT remains positive as it defies the bearish trend in the crypto market.
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