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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Kent Tenix
Kent Tenix
1 year ago
3 mins read
TWT

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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. 

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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. 

Related Reading

TWT

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

1 year ago

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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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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