Trust Wallet Token (TWT) Breaks Through 130-Day Resistance, Price Forecast to Return to $1
Date: 2023-10-06 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Breaking 130-Day Resistance: Trust Wallet Token (TWT) Strengthens Its Position in the Cryptocurrency Market
Trust Wallet Token (TWT) has made significant changes in its price dynamics by rebounding from the 130-day descending resistance line. On October 4th, TWT reached a local high of $0.97, which served as a noticeable signal for investors. Currently, the price hovers around $0.94, leaving many wondering what to expect next from this popular cryptocurrency.
Over time, TWT has repeatedly encountered the descending trendline of resistance, which has been in place since May 28th. Several attempts to break through were unsuccessful, and on September 11th, TWT dropped to $0.71, marking the lowest point during this period. However, the subsequent rebound was impressive, featuring a long lower wick and a bullish candle that absorbed all previous losses. This growth extended to $0.97 and, most importantly, breached the descending resistance.
TWT Price Forecast and Growth Prospects
Current analysis allows for certain conclusions regarding the future price dynamics of Trust Wallet Token. Wave analysis reveals the formation of a three-wave structure of wave B, which may indicate that the price is either in wave C or has initiated a new bullish impulse. If we maintain a 1:1 ratio between waves A and C, the likelihood of TWT returning to the $1 mark becomes quite realistic.
Additional support for TWT's growth is provided by the Relative Strength Index (RSI), which has broken above the 50-mark and continues to rise. This indicator reflects bullish sentiment among traders and can be an indicator of further price growth.
However, it is essential to remain vigilant and monitor the support level at $0.83, marked by the red line on the chart. Breaking this level could signify that the local peak has already been reached, potentially subjecting TWT to a 20% decline to the $0.72 level.
TWT on the Path to Returning to $1
In summary, Trust Wallet Token (TWT) is making an impression with its achievements in the cryptocurrency market, overcoming 130-day resistance and continuing to rise. The analysis supports the idea of TWT returning to the $1 level, but investors need to exercise caution and keep an eye on key support and resistance levels to make informed decisions in the market.
