TWT Tallies 30% In Last Week, Will It Test $1 Mark?

Amid the recent regulatory hurdles in the crypto market, Trust Wallet Token (TWT) still managed to show bullish momentum, boasting an impressive growth rate of 22% in the past week. This rapid increase has sparked speculation and curiosity among traders and investors about whether TWT will reach the highly anticipated $1 mark. 

The Surge Of Trust Wallet Token (TWT): Factors And Analysis

Trust Wallet Token is a cryptocurrency associated with the popular mobile wallet for holding/storing digital assets, Trust Wallet. The integration of TronDAO Staking V2 into TrustWallet on June 16 likely positively impacted the price of the Trust Wallet token (TWT).  The feature increased user convenience and utility, attracting more investor confidence, increasing the demand for TWT, and raising its price.

Related Reading: PEPE Sustains Steady Ascent, Fueling Speculation Of Profits

Also, the recent partnership between Trust Wallet and Tezos offering users a free McLaren F1 digital collectible likely positively impacted the Trust Wallet Token (TWT). The development created excitement and increased user engagement, potentially leading to increased demand for TWT and subsequent price growth.

As of the time of writing, Trust Wallet Token (TWT) is exhibiting a bullish momentum, resulting in a 24-hour increase of 2.26%, representing a price mark of $0.9212.

According to CoinMarketCap’s data, the trading volume of TWT experienced a significant increase. Specifically, it jumped by more than 13% and reached a value of $19 Million. This notable surge in trading volume suggests that there has been a genuine retail buy-up from members of the Trust Wallet community.

The Prospects Of Trust Wallet Token Reaching The $1 Mark

At present, the Trust Wallet Token is trading above the middle line of the Bollinger Bands indicator, which suggests that the price is currently higher than the average value. This can be seen as a positive sign, indicating potential strength or bullishness in the asset’s price trend.

Also, the Moving Average Convergence Divergence (MACD) of the Trust Wallet Token ($TWT) is above its signal line, and the histogram bars display green, signifying a robust bullish signal. The combination of these indicators suggests a strong bullish momentum and $TWT can potentially hit the $1 mark soon.

One important advantage investors in TWT might consider is that its value is based on its fundamental usefulness. Unlike some other digital currencies that the Securities and Exchange Commission (SEC) considers investment contracts, TWT has a specific purpose in powering the decentralized Trust Wallet ecosystem. Similarly, this has given investors confidence in the token’s potential and value.

Featured image from Pixabay and chart from TradingView.com