TWT Technical Analysis: TWT Prices Bounces 12% From 100-day EMA

TWT prices reverse from the 100-day EMA with a double bottom pattern testing a jump to the overhead resistance trendline. The TWT prices restart the uptrend with a double bottom reversal from the 100-day EMA resulting in a 12% jump to challenge the short-coming resistance trendline. Furthermore, the bullish engulfing candle of the 7.25% jump yesterday in the daily chart shows a promising recovery in market value that will break the resistance trendline. However, the sellers remain confident at the resistance trendline teasing a downtrend. Key Points: The TWT price action showcases a double-bottom reversal. The bullish reversal may shortly reach the overhead resistance trendline of $1.12. The intraday trading volume in Trust Wallet Token is $9.8 million. Source – TradingView TWT Technical Analysis The TWT price shows a 15% downfall breaking below the support zone in late August before taking support at the 100-day EMA. The downturn also broke below the psychological mark of $1.0 and a 50-day EMA. However, after a long consolidation between the 50 and 100-day EMA, the bullish reversal with a double bottom rises above $1.0. The 12% reversal in the last few days challenges the shortcoming resistance trend line close to the $1.05 mark. Currently, the daily candle shows higher price rejection from the resistance trendline, struggling to rise above $1.05, teasing a downtrend. Nonetheless, the increased buying pressure evident by the ...