Trust Wallet token (TWT) rose 10% to $0.90 on Oct 5, bringing its overall weekly gain to 25%. The TWT bulls are not through, as the coin eyes another 15% rise in the coming weeks due to a technical setup. TWT formed a “double bottom” pattern, best visible on the weekly chart. This setup entails two consecutive drops to the same support level with an intermediate uptick, resembling the letter “W.” The double bottom typically follows a downfall but signals a reversal and the beginning of a potential uptrend.The daily chart also painted a bullish setup dubbed the “falling wedge.” The latter features two converging, down-sloping trendlines. TWT confirmed it by breaching the resistance line on Oct 1. Thus, the target price for the coin would stand at a distance equal to the formation height, at $1.2, a possible 35% rally. The strong trading volumes could also be enough for TWT to conquer its 200-day exponential moving average (200-day EMA; blue wave), which hindered the token’s bullish moves since March 2023. Trust Wallet token (TWT) has formed a “double bottom” pattern, signaling a potential uptrend. The daily chart also painted a bullish setup dubbed the “falling wedge”, with TWT breaching the resistance line on Oct 1. This could take the coin 15% higher in the coming weeks, with a target of $1.2, a possible 35% rally. The strong trading volumes could also be enough for TWT to conquer its 200-day exponential moving average (200-day EMA; blue wave).
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | |
| Sentiment | positive |
| Relevance Score | 8 |
| People | None |
| Companies | double bottom, falling wedge, Trust Wallet token, CoinChapter.com, 200-day EMA |
| Currencies | Ethereum, Bitcoin, Trust Wallet |
| Securities | None |
