TWT Technical Analysis: Channel Breakout May Hint 30% Recovery

TWT buyers plan to escape a five-week-old falling channel pattern with a long bullish candle; should you enter long? Key technical points: The TWT price has increased 25% over the past four days. The coin buyers mount strong support at the $0.55 mark The 24-hour trading volume of Trust Wallet Token is $26.2 Million, indicating a hike of 39.5%. Past Performance of TWT The April-May bloodbath in a crypto crash triggered a significant correction in TWT price and plunged it to a low of $0.45. However, the high demand pressure immediately reverts the price higher and manages to sustain above the $0.55 mark. Furthermore, the altcoin has resonated in a falling channel pattern for the past five weeks. The coin price lowering within this pattern has retested $0.55 support thrice, expecting to replenish the bullish momentum. Source- Tradingview TWT Technical Analysis Today, the TWT is up 15% and teases a bullish breakout from the falling channel pattern. However, the interested long-players should wait for the daily candlestick to close above the resistance before entering the market. The flattish SMAs 100 and 200-days accentuate an overall sideways trend. However, the coin price currently faces supply pressure near 50-day SMA, bolstering sellers to prevent channel breakout. The Rising-RSI slope climbs above the 20-day SMA and midline(50%), indicating a positive switch in trader’s sentiment. The MACD indicator shows the fast and slow li...