Crypto News – On October 4, the price of the Trust Wallet Token (TWT) broke through a 130-day declining resistance trendline. Before dipping slightly to its current price of $0.9273, TWT had a high of $0.97.
TWT Price Breaks 130 Days of Resistance!
Since May 28, the TWT price has dropped below a declining resistance trendline. The most recent rejection stemmed from the line and occurred on August 15. As a result, on September 11, the cryptocurrency dropped to a low of $0.71. The subsequent bounce produced a bullish engulfing candlestick with a long lower wick. The rise resulted in a breach from the resistance trendline that was sinking. The trendline had been in place for 130 days at that point.
TWT Price Prediction Based on Elliott Wave Theory
Elliott Wave theory is a tool used by technical analysts to recognize recurrent long-term price patterns and investor psychology, which aids in determining the trend’s direction. A closer examination of the Trust Wallet Token wave count demonstrates the legitimacy of the current increase. The unusual, three-wave structure of wave B makes this apparent. It increases the likelihood that the price is in wave C or that a new bullish impulse has started. If waves A:C had a 1:1 ratio, the high would be $1, just above the main horizontal resistance region at $0.97.
Bullish emotion is also indicated by the RSI. The RSI is a momentum indicator that traders use to determine whether an item is overbought or oversold and whether to buy or sell it. Readings over 50 and an upward trend show that bulls are still in the lead, while readings under 50 indicate the opposite. A bullish trend is evident in the indicator’s breakout above 50 and its growth.
Leave a comment