Trust Wallet Token (TWT) breaks past trendline as bulls take control

Trust Wallet Token (TWT) breaks past trendline as bulls take control
фото показано с : invezz.com

2023-10-5 14:53

In a remarkable turn of events, Trust Wallet Token (TWT), the native token of one of the leading crypto wallets Trust Wallet, has been on a relentless upward trajectory, capturing the attention of crypto enthusiasts and traders alike.

On October 4, the price of Trust Wallet Token (TWT) broke free from a 130-day descending resistance trendline which had stifled TWT’s price growth since May 28. The trendline had become a formidable barrier to overcome. The cryptocurrency reached a high of $0.97, marking a significant reversal of its previous downtrend.

TWT’s 130-day descending resistance trendline TWT price movements

The Trust Wallet native token has been getting repeated rejections, including one as recent as August 15. These repeated setbacks pushed the token to a low of $0.71 on September 11.

However, a pivotal moment arrived when TWT generated a bullish engulfing candlestick, negating the entire preceding period’s decrease. Subsequently, the altcoin established a higher low on September 25, gaining momentum to reach a high of $0.95. Interestingly, this upward surge contrasted with the bearish sentiment prevailing in most of the crypto market since October 2.

Trust Wallet Token price outlook

Technical analysis, incorporating Elliott Wave theory, provides insights into TWT’s potential trajectory. The three-wave structure of wave B suggests the likelihood of either wave C or the initiation of a new bullish impulse.

Applying Elliott Wave Theory on TWT price movement

Should waves A and C maintain a 1:1 ratio, the token could target a price of $1, slightly above the critical horizontal resistance at $0.97 USD, presenting a 10% potential gain from the current price.

Additionally, the Relative Strength Index (RSI), a momentum indicator, indicates bullish sentiment with a breakout above the 50 level and a continuing uptrend.

However, a word of caution: TWT’s bullish prospects could be undermined if the price dips below the September 12 high at $0.83. In such a scenario, a retracement to the $0.72 area, signifying a 20% decrease, may become the prevailing price outlook.

Despite these potential fluctuations, TWT’s breakout from its prolonged resistance trendline has ignited optimism among investors, marking a turning point for this cryptocurrency.

The post Trust Wallet Token (TWT) breaks past trendline as bulls take control appeared first on Invezz.

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