TWT Token Registers 20% Gains As Crypto Market Slumps, What’s Next?
October 09 2023 - 1:00PM
NEWSBTC
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. Related Reading: Bitcoin Price Ready For Blast-Off
As Key Metrics Signal A Bull Run: Top Analyst 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. 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. Related Reading: Binance CEO Foresees Monumental
Bitcoin Price Shift Following Halving 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.
Featured image from Pixabay and chart from TradingView.com
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