Trust Wallet Token Surged 135% Within A Week; Will This Bull Run Continue?

Binance CEO Changpeng Zhao highlighting the importance of the trust wallet token amid the FTX-crypto exchange collapse, influenced investors’ concern for the safety of their assets. As a result, the TWT price witnessed a significant inflow and a massive bull run. However, is it wise to buy this token after such a sudden price jump?

Key Points:

• The daily-RSI slope spike into the overbought region
• The TWT could witness a significant correction from the $2.5 all-time high
• The 24-hour trading volume in the Trust Wallet Token is $721,6 Million, indicating a 159.6% gain.

Source-Tradingview

The trust wallet token(TWT) resonated in a symmetrical triangle pattern for more than a year. This continuation pattern is quite often spotted in an established and provides an entry opportunity for side-lined buyers.

In theory, this pattern’s possible target is the distance between the high and low of the earliest price spread within the pattern shot from the breakout price point. Thus, during the end of October’s bullish rally, the TWT price gave a bullish breakout from the pattern’s resistance trendline.

The post-retest rally surged the prices by 140% in just five days and reached a new all-time high of $2.5.

However, the Binance CEO CZ’s recent tweet encouraging trust wallets also supported this massive bull run, stating, “Self custody is a fundamental human right.”

Self custody is a fundamental human right.
You are free to do it at any time.
Just make sure you do do it right.
Recommend start with small amounts to learn the tech/tools first.
Mistakes here can be very costly.
Stay #SAFU

— CZ 🔶 Binance (@cz_binance) November 13, 2022

 

As per the technical set-up mentioned above, the TWT price has reached the target set by the triangle pattern. However, this enormous target achieved in a short period is unhealthy for an asset.

Therefore, if the trust wallet token doesn’t breach the $2.5 barrier, the prices will likely experience a correction phase to stabilize the bull trend.

Technical Indicator

RSI: The daily-RSI slope surged into the overhead region, accentuating aggressive buying from traders and the need for a price correction.

EMAs: the wide distance between the TWT price and its moving average(20, 50,100, and 200) also signals a huge price jump within a short span. However, these EMAs could assist buyers in resuming the bullish rally after a possible correction.

Trust Wallet Token Intraday Price Levels

• Spot price: $2.38
• Trend: Bullish
• Volatility: Low
• Resistance level- $2.5 and $2.8
• Support level- $2.2 and $2