trust wallet token (TWT/USD) has been the darling of investors this week. The token has gained triple digits in value over the past week even as others have soured due to weak crypto sentiment. In case you’re wondering, the same reason that caused the cryptocurrency to decline has also boosted TWT.
The collapse of the FTX crypto exchange sent waves of panic across the crypto markets. With the quick selloff, over $1 billion was wiped off the market. This is because the collapse of a “sound” crypto exchange of FTX’s stature was least expected. At least not after the exchange helped other struggling crypto firms stay above ground. But it happened anyway, but TWT buyers had something to smile about.
TWT touched a one-day high of $274 on 14 November. A parabolic price move hit the level, as TWT surpassed the low price of $1.0 by 10 November. The gains came as whale accumulation accelerated after the collapse of FTX. Investors were pulling funds out of centralized exchanges in favor of self-custody wallets. Trust Wallet has benefited in the process, with Changpeng Zhao also backing it after the collapse of FTX.
TWT Price Outlook and Analysis
Turning to the technical side, TWT is already making modest but positive gains even before the collapse of FTX. newest cryptocurrency news Only provided the catalyst for the coin to break above the $1.31 resistance level.
The moving averages for TWT are bullish. Turning to the RSI, TWT is deep in the overbought territory. An imminent correction is likely, and a bubble may burst. The token is already starting a correction and is trading at $2.0.
Time to Quit TWT?
Overbought conditions and a bubble burst could force a correction for TWT as investors adjust to the FTX scenario.
However, the volatility in the price is positive for TWT as it is exerting slower bullish pressure than before. If the bulls defend the key levels then the coin should be on the investor’s watch list. The area around $1.36 and $1.31 should be watched.
Where to Buy TWT
binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited for more experienced investors and it offers a large number of cryptocurrencies to choose from, over 600. Binance is also known for its low trading fees and multiple trading options that its users can benefit from, such as; Peer-to-Peer Trading, Margin Trading and Spot Trading.
Buy TWT with Binance today
swapzone
Swapzone is a crypto exchange aggregator that serves as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide users with a user-friendly interface, secure user flow and crystal-clear data to find the best exchange rates across the entire cryptocurrency market.
Buy TWT from Swapzone today