Trust Wallet Token Rises By More than 100% Amid the FTX Collapse, Will the TWT Price Hit $3 This Week?

Key Takeaways:

• The Trust Wallet tokens have been rising high in the past couple of days, closing the previous day’s trade at $1.92 with a market capitalization of $909.99 million and a circulating supply of 416.64 million TWT
• The BEP-20 utility token decoupled with the market sentiments and TWT price rose high by more than 125%, recording new monthly highs with a huge influx of buying volume

Trust Wallet Token or TWT is a BEP-20 utility token that offers multiple benefits & rewards to the users of Trust Wallet, the world’s most popular crypto wallet. The wallet is specifically designed for Ethereum and Ethereum-based tokens and also offers to send, receive or swap the tokens instantly. 

The native token, TWT, recently marked an ATH at $2.31 with a gigantic surge of 126.02% during the past weekend. Meanwhile, the price is facing a slight pullback but appears to strongly hold above $2, which may trigger yet another bullish wave very soon. 

Recent Updates:

• Trust Wallet was recently integrated into Wombat Exchange which is a multichain platform focusing on swapping stablecoins at efficient rates. 

We’re totally on a roll⚡Excited to share that @TrustWallet has been successfully integrated to Wombat! 🐻

This partnership will provide more options and flexibility to our users!💪

You can now navigate Wombat with #TrustWallet 👇https://t.co/M7SdCLjCC0 pic.twitter.com/okhrgr2YdM

— Wombat Exchange (@WombatExchange) October 28, 2022

• The popular wallet is also integrated with Avalanche to enable the users to buy, sell, store or receive AVAX-NFTs in Trust Wallet.

We’ve got another #TrustWalletTuesdays announcement…

We’ve integrated @avalancheavax #NFTs! You can now buy, sell, store, send and receive your #AvalancheNFTs in #TrustWallet! 💙🔺

Full announcement here 👇

— Trust – Crypto Wallet (@TrustWallet) October 25, 2022

Technical Analysis of Trust Wallet Token(TWT)

Source: Tradingview

• The Trust Wallet token has been trading within bullish influence gathering a huge buying volume in the past couple of days.
• The price rose high breaking out of a bull flag and hence a similar breakout is expected in a short while from now after the price reaches its pinnacle of the decisive symmetrical pennant
• Meanwhile, the RSI has halted the bearish trend and trading horizontally seems to be preparing to go long soon
• On the other hand, MACD raised high and the cross-overs are occurring above the average levels, which indicates the token is due for another bullish run very soon
• With another upswing, the TWT price may accomplish a rally to form a new ATH above $2.8 or close to $3 

Read more: FTX collapse explained

Trust Wallet Token(TWT) On-Chain Analysis

Daily Active Address 

Source: Santiment

The daily active address is the total number of addresses that are active on the specified date. The no.of addresses active represents, the addresses interacting with the platform by either buying or selling or trading the TWT token. While the trend of the addresses remained within the consolidated trend for a long, the recent spike attracted many. 

The Daily Active Address had marked an ATH above 3650, a few days before, which has slightly witnessed a downfall but sustaining above 2300 at the moment. However, the technicals suggest the revival of the bullish run very soon, which may elevate the address count beyond the current highs very soon.

Transaction Count & Volume

Source: Santiment

The transaction count determines the number of daily confirmed transactions carried out while the volume determines the sum of all the trading that occurred in centralized & decentralized within a certain timeframe. Both the indicators point out the popularity & strength of the crypto as it points out towards the no.of participants & the liquidity involved within the trade.

As mentioned in the above chart, the transaction count is surging high but the volume remains more or less stagnant. It indicates that the market participants are active and carrying out trades on the platform, but the liquidity involved or the volume is pretty less. Hence, it may certainly impact the price for a while, but may not ascertain the possibility of a bull run. 

In Conclusion

Trust Wallet token currently appears to be pretty bullish as the technical patterns and the indicators are pointing towards a new ATH soon. Meanwhile, the drop in the volume may be a matter of concern as it may play a vital role to slash the price when the transaction count drops. 

However, the market sentiments have shifted towards the TWT crypto and hence a rise in the volume may be expected in the coming days. Hence an upswing may be expected in the coming days. 

Read more: Crypto Price Predictions