TrustWallet regaining trust of investors- CZ encourages use of non-custodial wallets

TWT posted a gain of more than 50% in the past 24 hours.
Users are fleeing exchanges and turning to non-custodial wallets amid FTX’s collapse.
CZ’s Binance acquired TrustWallet in 2018.

The market participants are switching from exchanges to non-custodial wallets. One wallet in particular, and its corresponding token, seems to be acquiring the benefit. TrustWallet and TWT token gathered all the fame as they recorded more than 50% gain in the past 24 hours.

Crypto billionaire and Binance CEO Changpeng Zhao tweeted about the importance of self-custody and promoted users to use the Trust Wallet, fueling the token’s rally.

We are not just a CEX. We offer choices.
Store crypto yourself? Read this article I wrote from 2 years ago. The 15 minutes read will save you money and headache later. @TrustWallet
Read the same article if you use a CEX, too. @binance https://t.co/Kp6VeKirgZ
— CZ 🔶 Binance (@cz_binance) November 13, 2022

Let the charts tell

The price shows a bullish breakthrough after the parallel channel is intact. The prices and purchase volumes surged many folds, bullish the market. This made the BB bands diverge sharply, becoming almost aligned with each other. The price has broken all the previous resistance levels and set higher highs.

The CMF indicator turns bright green, indicating the bull takeover in the market. The MACD indicator shoots immediately after the bullish breakthrough, and myriad buyers are active in the market. The RSI indicator ascends to the overbought zone crossing even the 80-mark level.

The 4-hour POV

The 4-hour report shows MACD still in the bullish force, and bulk purchases are being made. The RSI indicator retraces to the bullish zone and lies near the 70-mark. It may go up again, breaking the boundary to become oversold.

Conclusion

Call it strategy or just luck, TWT did something right to set a new all-time high amidst the crisis. Whatever measure they opted for worked for them well. The price may touch the $3 level in no time, setting higher highs and accelerating in bullish mode. It surely regained the users’ trust and gave them other options to function in crypto.

Technical levels

Support levels: $1.05 and $0.98

Resistance levels: $2.06 and $2.75

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.