TWT Technical Analysis: Sustaining Above $1 Brings Breakout Entry

The TWT price chart shows a trendline rally crossing the $1 mark and teases uptrend continuation to the overhead resistance trendline. The bullish reversal from the 50-day EMA breaks the short-term downtrend with a trendline breakout and sustains above the $1 mark. Furthermore, the price action shows a breakout entry opportunity for the sideline traders. So, will the bullish breakout result in a rally to reach the $1.13 mark? Key Points: The TWT price action shows a trendline breakout entry in the daily chart. The reversal from the 50-day EMA results in a bullish engulfing candle. The intraday trading volume in Trust Wallet Token is $14.16 million. Source – TradingView TWT Technical Analysis As mentioned in our previous article, the TWT prices broke above the short-term resistance trendline but took a dip to the 50-day EMA before doing so. The bullish engulfing candle with a 6.3% jump comes after the lower price rejection near the 50-day EMA. Currently, the engulfing candle helps in market valuation above the psychological mark of $1.0 and breaks the short-term resistance trendline. Furthermore, there is a slight spike in the trading volume, supporting the price jump. The TWT daily candle takes a bullish engulfing shape to undermine the last three days of retracement, with 15 hours left on the clock. Hence, the breakout spot brings entry opportunities for sideline buyers as the overall market sentiments improve. The unleashed ...