02 March, 2024



After Changpeng Zhao promoted the use of Trust Wallet, TWT surged by 47%

1 year ago

22 Nov, 2023

Zhao is the founder of Binance, one of the world’s largest cryptocurrency exchanges. The TWT pump is a reaction to recent events at another exchange, FTX, where users lost money due to a software error. Trust Wallet is a self-custody token that allows users to control their private keys. This makes it a safe choice for traders seeking new methods to protect their funds. Our latest article breaks down the Trust Wallet Token pump in more detail.

Trust Wallet Token (TWT) is up 47% in the last 24 hours, making it the best performer amongst the top 100 cryptocurrencies by market cap. The rally comes after Changpeng Zhao, the CEO of Binance, urged people to use Trust Wallet. His comment comes as centralized exchanges were facing pressure from the broader crypto community following FTX’s recent collapse.

Zhao’s promotion of the Trust Wallet Token may have come at the perfect time as traders seek new methods to protect their funds. TWT is a self-custody token that allows users to control their private keys. This makes it a safe choice for those looking to keep their money out of the hands of centralized exchanges.

The Trust Wallet Token pump is a positive development for the crypto community as it shows that traders are still willing to invest in digital assets despite the recent turbulence in the markets. With TWT, users can be sure that they are in control of their funds and have the opportunity to benefit from the token’s future growth.

What does Indicators suggest about TWT?

The recent price action in TWT suggests that the market is bullish on the token. The RSI is currently above 70, which indicates that the market is overbought. However, the MACD is still rising, suggesting that the upwards momentum is likely to continue. Therefore, traders should keep an eye on key resistance levels around $3 in the short term.

Source: Tradingview

The SMA50 (simple moving average) of TWT has crossed above the SMA200, which is a bullish sign. The long-term trend is still bearish, however, so traders should be cautious about taking on too much risk.

Overall, the indicators suggest that TWT is in a strong uptrend in the short term, with the potential to continue higher in the medium term. However, the long-term trend is still bearish, so traders should be cautious about taking on too much risk.

Conclusion

In conclusion, TWT is currently trading bullishly in the short term, with key resistance levels around $3. The long-term trend is still bearish, however, so traders should be cautious about taking on too much risk.

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