TWT has broken out of a falling wedge, rising 5.7% in 24 hours to $0.798.
Immediate resistance sits at $0.7983; support holds steady at $0.7518.
The breakout projection targets $1.14, implying a 47.65% upside from the breakout level.
Trust Wallet Token (TWT) has broken out of a long-standing falling wedge pattern on the 1-day timeframe, suggesting a possible price shift. The breakout follows a sustained decline from November 2023 highs and multiple attempts to retest the wedge's upper boundary. As of the current session, TWT is trading at $0.798, marking a 5.7% gain in the past 24 hours.
The falling wedge structure formed after the token reached a local peak above $1.70 in late 2023. Since then, a sequence of lower highs and descending resistance lines had confined the price. However, the breakout confirms a clean move beyond this compression phase. It also aligns with increased momentum near the wedge apex, typically seen before directional moves. Notably, volume patterns remain consistent with such technical formations, often strengthening after breakout events.
https://twitter.com/ZAYKCharts/status/1945352393874456626
Price Consolidates Between Support and Resistance Ahead of Potential Breakout
The immediate resistance zone stands at $0.7983, slightly above the current price level. This level, having capped recent price advances, acts as a short-term pivot. At the same time, support remains established at $0.7518, a region that has provided stability through the recent recovery.
Price movement remains constrained within a narrow 24-hour range. The day’s low hovers near $0.751, while the upper limit aligns with the resistance ceiling. This tight trading band may reflect traders’ focus on key levels, with a breakout above $0.7983 likely attracting further attention.
Falling Wedge Projection Targets $1.14 with 47.65% Upside Potential
The visible projection from the falling wedge places the target near $1.14, representing a potential 47.65% increase. This estimate derives from the vertical height of the wedge at its widest point, added to the breakout zone.
According to chart data, this measured move aligns with previous recovery patterns that followed similar wedge breaks. The point of breakout is slightly higher than $0.77 and has not been breached by price since the beginning of the move. In the trading sessions to come, traders are probably analyzing whether price will continue having such a structure.
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