Trust Wallet Token Multi-Year Triangle Pattern Calls for $1.4 Target

Since its inception, Trust Wallet Token (TWT) entered into a long period of consolidation, developing a symmetrical triangle formation. The multi-year symmetrical triangle pattern now calls for a retest of the upper resistance level around the $1.4 level.

What is the Trust Wallet Token?

Trust Wallet Token is a new cryptocurrency that is based on the blockchain technology.

It was created in order to provide a more secure and efficient way to do transactions. The Trust Wallet Token team is made up of experienced professionals from various fields, including finance, law, and marketing. They plan to use the token to create a more efficient and user-friendly ecosystem for cryptocurrency users.

Symmetrical Triangle Pattern

This multi-year basing pattern has the potential to continue driving the price action in the coming months unless we get a clear breakout on either side of the symmetrical triangle.

First, TWT's price made a base near the $0.30 level, which was followed by a powerful uptrend topping out at $1.65.

A subsequent sell-off pushed TWT's price around the $0.45 level generating another base from where we rallied again, but the price failed to reach the previous high. TWT topped again at $1.40 and sold off to $0.55 to form another base.

In the short-term, we have left the base, and if the same pattern repeats again current rally can fall below the previous major high – the March 2022 high of $1.40.

A weekly break and close above the $1.00 psychological level has the potential to cement the bullish case scenario.

How does the Symmetrical Triangle Pattern work?

The Symmetrical Triangle Pattern is a trading pattern that is used to identify potential trend changes.

The pattern is created when the prices of three crypto move in a symmetrical triangle pattern. The first item to move in the pattern will set the stage for the other two items to follow. Once one of the other two items begins to move, it will cause the price of the third item to change as well.

This process continues until one of the items breaks out of the triangle pattern and starts moving in a different direction.

RSI Oscillator

The weekly Relative Strength Index (RSI) has also broken above the 50 mid-level; the last two times this signal occurred, we had two powerful rallies.

The bulls have the upper hand as long as the weekly RSI continues to print positive momentum readings.