Trust Wallet Token (TWT) token is leading the top 100 cryptocurrencies with more than 7% gains on Friday. The TWT price has rallied 25% over the last 48 hours, breaking above a multi-month trendline. The token native to one of crypto’s leading self-custody wallets, Trust Wallet, has increased by 22.5% in the last seven days to trade at $0.94 at the time of writing.
Immense volume accompanied the breakout, up almost 300% over the last two days to $127 million. This sudden interest in Trust Wallet Token also positively impacts its market capitalization, which, according to CoinMarketCap, is up 7% to $394 million over the last 24 hours. TWT is at #79 according to the CoinMarketCap ranking.
Hype and speculation about a major upcoming announcement that could add to $TWT’s utility by Trust Wallet appears to be the catalyst of the latest uptick.
In a cryptic tweet shared on Wednesday, the crypto wallet developer simply tweeted “The countdown is on”, without elaborating on any further details.
The countdown is on. #FreedomFoundations #TrustYourself pic.twitter.com/QXNeUSSqEx
— Trust Wallet (@TrustWallet) October 4, 2023
That tweet alone appears to have been sufficient enough to encourage some degen traders to pile into the market and pay an elevated price of $TWT tokens in the hopes they might be front-runners on major gains in the near future.
A major boost to $TWT’s utility could be just what the token needs to revive it from the extended crypto winter.
Trust Wallet Price Analysis – Where Next TWT?
TWT’s latest rally has seen it break decisively to the north of its 50 and 100-day Simple Moving Averages (SMAs) currently sitting between $0.81 and $0.84, a strong signal of a positive shift in short-term market momentum.
However, TWT bulls have so far failed to push the token above key resistance around the $1.0 level, where the 200-day SMA resides.
A clean break above this area, as well as resistance at $1.05, would open the door for a sustained recovery toward $1.5. This would mark a 60% ascent from the current price.
TWT/USD Daily Chart
The path with the least resistance is to the upside based on the position of the Moving Average Convergence Divergence (MACD) indicator above the neutral zone.
With the MACD line in blue above the orange signal line, traders can have confidence in the uptrend lasting through the weekend. In the meantime, upholding the short-term support at the 100-day EMA would be in the best interest of the buyers and investors willing to bet on the impending move to $1.
On the downside, losing the same 100-day SMA as the immediate support at $ 0.84 could imply the inability of the buyers to sustain the higher levels. Such a move would result in a reversal that would force the Trust Wallet Token price to seek support at $0.8 while allowing buyers to collect more liquidity before launching the next bullish.
Below the $0.80 psychological level, other lines of support could emerge from the $0.75 and $0.70 demand zones.
The post Trust Wallet Token Price Prediction: Is TWT Set to Surge Reach $1? appeared first on Analytics Insight.
Source: https://www.analyticsinsight.net/trust-wallet-token-price-prediction-is-twt-set-to-surge-reach-1/