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Why did Trust Wallet Token (TWT) price rally over 100% to create new all-time-high?

KEY TAKEAWAYS:

  • Ever since the FTX collapse fiasco, the Trust Wallet Token (TWT) has jumped into focus thanks to its amazing rally right on the tails of the crash.
  • Trust Wallet Token has been backed by Binance’s CZ in the midst of the controversy around the FTX collapse.

WHY IS TWT PRICE RISING TODAY?

There has been several things happening in the world of crypto that is going in favor of the Trust Wallet Token (TWT) – the collapse of the FTX crypto exchange has called for the need of self-custodial wallet to store your tokens after you purchase them on an exchange. But of late, Binance co-founder and CEO – Changpeng Zhao, also known as CZ officially took to Twitter to back the Trust Wallet.

Ever since this tweet, Trust Wallet’s own native crypto token began a rally very rarely seen even in the crypto market. In the span of about 5 days, beginning from around end of 10 November, when the FTX exchange fully collapsed and filed for bankruptcy – the TWT price scripted a near 160% rally all the way to create new all-time-highs! It fell a little from those exorbitant highs but is still trading very close to the ATHs.

TWT/USD | Source: Tradingview

Even after correcting from those ATH, we can still see that the rally in the past 7 days, since 10 November, 2022 has been well over 100%, in fact close to 120% as of writing. This rally was also followed by very strong volumes as is evident from the chart above.

Additional read: FTX Collapse Explained

For TWT price, we can also see that its bullish trend had been on the rise ever since the beginning of October, where it gained price momentum on the positive side, supported by the golden crossover of the 50 and the 200 day moving averages and near complete resistance to the crash that happened amid the FTX collapse. And also to add to that, Binance’s CZ has been continuously voicing his support for the Trust Wallet Token ever since, sharing regular updates from the project!

From a technical perspective, the price structures continue to remain extremely strong going forward. However, it must also be noted that due to the fact it has rallied so much already, it could possibly spend some time at current levels for the market to absorb all the sellers out there before the bulls can trigger a continuation rally.

Additional read: Will the TWT Price Hit $3 This Week?

On-chain metrics look optimistic too!

All the way from daily active addresses to transaction count has been recovering strong along with the rising TWT price. In one of our earlier analytical articles, we have analysed how the daily active addresses holding the TWT token has been recovering on the back of the rally along with a spike in the transaction count on the chain.

How can you buy Trust Wallet Token (TWT)?

Collectively, the Trust Wallet Token price is displaying immense strength as the positive rounds of sentiments are surrounding the token. Therefore, if you want to buy TWT crypto, then download the CoinDCX App on your smartphone and register now!

Prices as on 17 November, 2022.

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