The Official Trust Wallet Token (TWT) has posted impressive gains over the past 7 days, regardless of the current market conditions. TWT saw an impressive increase of over 97% on its week-to-week chart. Most of the price rally took place over the past three days, with the coin hitting a new all-time high yesterday.
The TWT surge has also had something to do with the FTX crisis and Binance CEO CZ. Recall that the former second largest exchange, FTX, faced a liquidity crisis last week, which brought the crypto market to its knees. At the time, only Pax Gold maintained substantial gains, while others declined.
However, TWT gained momentum after top crypto players like CZ called for self-detention. TWT was listed on Binance shortly after the Trust Wallet was mentioned in a tweet, and its trading volume skyrocketed.
TWT trading volume soars after CZ tweets about self-custody
In the past two days, the Trust Wallet token (TWT) has increased in value by more than fifty percent. This comes after Binance CEO CZ recommended that investors use decentralized exchanges. CZ made this comment because it became clear that crypto investors wanted to find an alternative to centralized exchanges.
After the FTX disaster sparked a wave of reactions, CZ said self-detention was an option. The Binance CEO has led a campaign of open exchanges after the incident and has previously advocated self-custody. Subsequently, TWT began trading on Binance Chain and experienced a dramatic jump in volume. According to CoinMarketCap statistics, TWT had a 24-hour trading volume of $432.24 million, although it dropped 39% at press time.
Please note that in July 2018 Binance buys 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 specific 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 about a year, the TWT, or Trust Wallet token, oscillates in a symmetrical triangular pattern. This pattern of continuous movement is prevalent in established markets, giving speculative buyers an entry point.
There is a potential target for this pattern. This is usually the distance between the breakout price and the high and low of the opening price spread within the pattern. Thus, TWT price gave a positive breakout from the pattern’s resistance trendline at the end of October’s strong bounce. Within five days of the retest, the price was up 140%, setting a new all-time high of $2.71.
Looking at the above setup, TWT price has hit the target indicated by the triangle pattern. However, such a rapid and massive breakthrough is injurious to the health of the property. Hence, a corrective phase is likely to stabilize the bull trend. At $2.22, TWT has a trading volume of $432,240,182 over the past 24 hours. The token has seen a decrease of 6.23% over this period and is now ranked #43 ConMarketCap,
Featured image from Pixabay and chart from TradingView.com