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TWT Token Registers 20% Gains As Crypto Market Slumps, What’s Next?

Trust Wallet Token (TWT) seems untouched by the crypto market decline, holding a nearly 20% seven-day gain while top coins recede. After finding support at $0.79, it rallied above the $0.94 resistance, flipping it to a new support level today. 

The Trust Wallet Extension update on Chrome might be driving its price gains in the past week. Due to the update, users can now enjoy the full features of Trust Wallet integrated with their Chrome browser. Such ease of access may have boosted the use of TWT, thereby pushing its demand and price. 

Recent Network-Related Developments Can Push TWT’s Price Further

The new Trust Wallet Extension update (V 1.9.1) on Chrome Store was announced on October 3. According to the announcement, users can enjoy native EVM swaps, Ledger and hardware support, and crypto purchases. 

Users can now access 15 different staking options across nine blockchains with the extension. This additional utility is likely driving more investors to the Trust Wallet ecosystem.  

Also, on October 5, Trust Wallet launched a Trust Wallet Testimonial Contest to reward its loyal community. According to a blog post, participants will share their testimonials and experiences using Trust Wallet. 

Trust Wallet will reward five lucky winners with mystery swag boxes once they complete certain tasks. This contest will likely boost investors’ interest in the ecosystem and lead to price gains for TWT tokens. 

TWT Declining On Daily Chart Despite Weekly Gains

Despite impressive weekly gains, TWT shows signs of price decline on the daily chart. Its decline could correlate to the retracement in BTC’s price from $28,000 to $27,770 today, October 9, at 5:36 am EST. After its rally from the $0.79 support level, TWT broke above the $0.94 resistance level. 

TWT daily chart

Looking at the daily chart, TWT has formed two consecutive red candles on the daily chart, confirming increased selling pressure. Also, today’s candle drops below the trendline, hinting at a slight retracement ahead for the token. 

TWT is retracing in the Donchian Channel (DC) and approaching the Median Band. A drop below this band will confirm that the sellers have reclaimed dominance on its price. 

Furthermore, the Relative Strength Index (RSI) indicator displays a value of 64.5 in the buy zone close to 70. A close look at this indicator and its downward motion reveals that it is retracing from the overbought zone. The RSI’s movement confirms the sentiment that the buyers are beginning to take profit and close long positions. 

Nevertheless, the price retracement for TWT will likely be brief due to its ecosystem developments. The daily chart analysis shows that TWT will likely decline to $0.94 in the next few days before resuming its rally. 

Also, the next rally may likely send TWT above the $1 resistance zone for more impressive gains. However, buyers must avoid bull traps if the $0.94 support level fails to hold. 

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Trust Wallet Token (TWT) Undeterred Market Downtrends With Over 90% Gains

As calls for self-custody rage on, Trust Wallet Token has enjoyed unprecedented surges in the past week. On TWT’s week-on-week chart, the token has amassed over 90% gains. This comes as FTX’s debacle unfolds and traders grow wary of centralized exchanges. Furthermore, Binance’s CEO endorsed Trust Wallet in a recent tweet, resulting in more interest in the token. While several Redditors mentioned that Binance owning Trust Wallet was a turn-off, it didn’t stop the token from soaring.

TWT also posted substantial gains on the day, with an intraday increase of 4.6%. It reached a local high of $2.34 before settling at its current price of $2.22 press time. Trust Wallet Token’s huge 90% gains undermine the overall market trend that still struggles to recover from the FTX’s collapse. Another catalyst is the recent browser extension launch and Binance and Coinbase integration news.

TWT Launches Browser Extension, Integrates with Top Exchanges

The self-custody Trust Wallet is gaining popularity in the wake of FTX’s demise and the bank run that has affected crypto exchanges generally. Recently the wallet unveiled its eagerly awaited browser extension for PC. It also teamed up with Coinbase Pay and Binance Pay, allowing their users to send money straight to a Trust Wallet account immediately.

The browser add-on was introduced on November 14 and is now accessible in Opera and Google Chrome. The extension enables users to save, transmit, and receive cryptocurrency across all Ethereum Virtual Machine (EVM) chains and Solana. Users may also enjoy a flawless DApp experience without adding networks manually, thanks to a network auto-detect capability. The extension also supports hardware wallets, multiple wallets, NFT, fiat on-ramp providers, and non-EVM blockchain connectors.

Two days after, Binance launched Binance Pay’s Trust Wallet integration. This integration establishes Trust Wallet as one of the platform’s official withdrawal options. Thus users no longer have to scan QR codes to send money to their Trust Wallet accounts. Also, sending to the wallet from Binance won’t cost anything extra besides the blockchain gas fee. The same integration will work for Coinbase Pay. According to Coinbase’s product manager, the integration helps create a “bridge to web3” for customers through seamless self-custody wallet funding.

TWTUSD

TWT’s price is currently trading at $2.21. | Source: TWTUSD price chart from TradingView.com

TWT Soard 90% As Whales Start Accumulating

TWT has enjoyed massive attention following the FTX implosion. But that’s not the only area gaining ground, as it has seen a high capital inflow. As per CoinMarketCap data, the cryptocurrency had a market value of $950.47 million after gaining over $460.27 million in a week. It even reached a local high of $1.11 billion mid-week.

Furthermore, the token is gaining much attention from whales. Since TWT is still relatively cheap, whale accumulation has increased in the past few days. According to Santiment, TWT’s supply rate owned by addresses with a balance of 1,000-10 million TWT increased during its latest run. Although the token’s 24-hour trading volume is down 27%, there’s a chance that it might increase before the trading day ends.

Featured image from Pixabay and chart from TradingView.com

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Trust Wallet Token (TWT) Scores Over 97% Gains Going Against Market Trend

Despite current market conditions, the official Trust Wallet token (TWT) has posted impressive gains in the last 7 days. TWT saw an impressive rise of over 97% on its week-on-week chart. Most of the price rally happened in the last three days, with the coin marking a new all-time high yesterday.

TWT’s surge also has something to do with the FTX’s crisis and CZ, the CEO of Binance. Recall that FTX, the former second-largest exchange, faced a liquidity crisis last week, which brought the crypto market to its knees. At the time, only PAX Gold kept substantial gains while others tanked. 

However, TWT regained momentum after top crypto players like CZ called for self-custody. Shortly after mentioning Trust Wallet in a Tweet, TWT got listed on Binance, and its trading volume skyrocketed.

TWT Trading Volume Surges After CZ Tweets About Self Custody

In the last two days, the value of Trust Wallet Token (TWT) has increased by more than fifty percent. This comes after the recommendation made by CZ, the CEO of Binance, that investors utilize decentralized exchanges. CZ made this remark as it became evident that crypto investors wanted to find an alternative to centralized exchanges.

After the FTX disaster sparked a wave of responses, CZ stated that self-custody was an option. Binance’s CEO has spearheaded the campaign for exchange openness after the event and has advocated self-custody before. After this, TWT began trading on Binance Chain and experienced a dramatic spike in volume. According to CoinMarketCap statistics, TWT had a 24-hour trading volume of $432.24 million, though it dropped 39% at press time.

Recall that in July 2018, Binance purchased Trust Wallet in an effort to add on-chain mobile wallet capabilities to the company’s offerings. The Trust Wallet Token (TWT) is a BEP-20 utility token that is exclusive to the wallet. It gives token holders a voice in the decision-making process for new app functions, upgrades, and in-app purchase discounts.

TWTUSD

TWT’s price is currently trading at $2.27. | Source: TWTUSD price chart from TradingView.com

Can TWT Continue The Bullish Rally?

For almost a year, TWT, or the trust wallet token, oscillated in a symmetrical triangular pattern. This pattern of continuous movement is prevalent in established markets, giving speculative buyers on the sidelines an entry point.

There’s one possible target for this pattern. This is usually the distance between the breakout price and the high and low of the earliest price spread inside the pattern. Thus, the TWT price delivered a positive breakout from the pattern’s resistance trendline near the end of October’s strong surge. Within five days following the retest, prices had increased by 140%, setting a new all-time high of $2.71. 

Looking at the setup above, the price of TWT has arrived at the goal indicated by the triangle pattern. However, such rapid and massive success is detrimental to the asset’s health. Therefore, a corrective phase will likely occur to stabilize the bull trend. At $2.22, TWT’s trading volume over the past 24 hours is $432,240,182. The token has seen a 6.23% decrease within this period and now ranks #43 on ConMarketCap.

Featured image from Pixabay and chart from TradingView.com

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Trust Wallet Token (TWT) Shows Bullish Signs, Will Price Breach $1.5?

  • TWT’s price shows strength as the price breaks out of a downtrend with good volume with eyes set on $1.5. 
  • TWT bounced from a low of $0.88 as the price rallied to a high of $1, preparing for a rally as the price showed bullish signs. 
  • The price of TWT continues to trade above 50 and 200 Exponential Moving Averages (EMA) ahead of the daily close. 

The price actions shown by Bitcoin (BTC) have affected most altcoins negatively as some have lost their key support, but Trust Wallet Token (TWT) continues to show immersed strength as price breaks out of a long downtrend movement. The Consumer Price Index news released recently had a great deal of effect on the crypto market as the price of BTC declined to a low of $18,200 before a bounce to $19,300, with many altcoins like Trust Wallet Token (TWT) showing bullish strength. (Data from Binance)

Trust Wallet Token (TWT) Price Analysis On The Weekly Chart

A notable event in the crypto space this week was the sharp decline in the crypto market following the release of the CPI news; the market appeared to be manipulated, with Bitcoin (BTC) dropping from $19,200 to $18,200 in hours and then back up to a range high of $19,800 before rejection back to $19,200. With so many altcoins losing key support areas, this price action appears to be more of a manipulation.

The price of TWT has struggled in recent times to restore its bullish strength, rallying to a high of $1.4 before seeing a rejection in price to a low of $0.5. TWT price bounced from this region as price rallied to a high of $1.2, showing good price actions with strong volume but failing to flip the resistance at $1.4

For the price of TWT to trend higher, the price needs to break and close above $1.2 as the price is faced with a weekly resistance to trend higher in that region.

Weekly resistance for the price of TWT – $1.2.

Weekly support for the price of TWT – $0.9.

Price Analysis Of TWT On The Daily (1D) Chart
Daily TWT Price Chart | Source: TWTUSDT On Tradingview.com

The daily timeframe for the price of TWT has recently seen the price struggle to withstand the current bear run holding strong support to prevent the price from being sold out.  

TWT’s price trades at $1.202 as the price continues its range-bound with the price forming a descending wedge above the 50 Exponential Moving Average (EMA); the price of $0.85 corresponds to the 50 EMA, acting as support for the price to break higher. 

With a break and hold of $1.2 by TWT, we could see the price rally with more buy volume to a high of $1.5

Daily resistance for the price of TWT – $1.2.

Daily support for the price of TWT – $0.95.

Featured Image From zipmex, Charts From Tradingview