Key Takeaways:
- Trust Wallet's native token jumped 116% in three days.
- TWT's rally comes after Binance CEO CZ urged investors to opt for self custody.
NEW DELHI (CoinChapter.com) — TWT, the native token of crypto wallet app Trust Wallet, charted a new all-time high on Nov 14 when it reached $2.44 (Binance) amid the ongoing market turmoil. The token price broke its one-day-old ATH record of $2.33 in less than 24 hours.
TWT’s recent rally accelerated after taking bullish cues from a tweet by Binance CEO Changpeng CZ Zhao.
CZ Zhao was replying to an earlier tweet inviting investors to spend some time reading a 2-year-old article dealing with crypto safety. The Binance CEO mentioned Trust Wallet in the tweet. Later, CZ Zhao told investors that self-custody of crypto assets was “a fundamental human right.”
CZ Zhao’s call for self-custody has come when investor confidence in exchanges is at an all-time low following the collapse of crypto exchange FTX. Moreover, the exchange’s troubles worsened on Nov 12 when FTX reported a possible hack of nearly $500 million.
You are free to do it at any time. Just make sure you do it right. Recommend start with small amounts to learn the tech/tools first.
Binance CEO CZ said in a tweet.
Recent events have forced investors to rethink digital asset safety. One option is to store cryptos in self-custody wallets. In detail, such wallets allow only private key owner access to their stored assets. The investors are responsible for safeguarding access to the private key as it is not stored anywhere else.
Also Read: Bitcoin Price Won’t Go Down Quietly: Risk of Bounce Grows
Trust Wallet, which CZ Zhao mentioned in his tweet and Binance acquired in 2018, is a decentralized wallet suitable for storing cryptos and NFTs.
TWT Price Breaks Latest ATH Record In Less Than 24 Hours
The crypto market faltered as the FTX-Alameda contagion resulted in a market crash reminiscent of the Terra collapse-led market crash earlier this year. However, the Trust Wallet token jumped nearly 116% from Nov 12’s low ($1.13) to an intraday high of $2.44 on Nov 14, despite the bearish markets.
The Trust Wallet token has been trending upward since Jun 2022, testing ascending trendline support multiple times. TWT’s recent rally started after rebounding off the trendline support on Nov 10. Moreover, bulls seem to be aggressively buying the token, speculating TWT to find more adoption in near future.
If the Trust Wallet token continues trending upward, the token will likely rise to challenge resistance near $2.45. Furthermore, a break and hold above immediate resistance might help TWT price target resistance near $2.69 before downside corrections pare gains.
Meanwhile, the uptrend saw TWT’s RSI travel into the overbought region, with a value of 88.11 on the daily chart. Overbought RSI levels often forecast a bearish trend reversal for an asset.
Hence, if TWT bears start selling, the token might drop to test support near $2.2. Additionally, a marketwide sell-off could result in TWT price might fall nearly 21% from current levels to support near $1.91 before recovering.
