Trust Wallet Token (TWT) Scores Over 97% Gains Going Against Market Trend
November 15 2022 - 8:34AM
NEWSBTC
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.
Related Reading: Following FTX’s Collapse, These Exchanges Are
Rumored To Be In Trouble 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. 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: Bitcoin Shows Strength As Price
Holds Above $16,500; Is This A Bear Trap? 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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