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trust wallet token (TWT/USD) has been an investor’s darling this week. The token’s value has risen by three digits over the past week, while others have exacerbated weak cryptocurrency sentiment. In case you’re wondering, he made TWT rise for the same reasons that caused cryptocurrencies to fall.
The collapse of the FTX cryptocurrency exchange sent a wave of panic across the cryptocurrency market. Selling accelerated and over $1 billion was wiped from the market. That’s because the collapse of a “healthy” cryptocurrency exchange like FTX was unexpected. At least not after the exchange positioned itself to help other struggling crypto companies stay grounded.
TWT hit an intraday high of $274 on November 14th. This level hit with a parabolic price move as TWT overcame its $1.0 low as of November 10th. The rise occurred because whale accumulations intensified following the collapse of FTX. Investors were withdrawing funds from centralized exchanges in favor of self-custody wallets. Trust Wallet earned in the process and Changpeng Zhao also endorsed his post-FTX collapse.
Turning to the technical side, TWT was making a small but positive profit even before FTX collapsed.up to date cryptocurrency news It gave the token a chance to break out of the $1.31 resistance level.
TWT/USD chart created by TradingView
The moving averages are bullish for TWT. Turning to the RSI, TWT is deep in overbought territory. An imminent correction is likely and a bubble burst is likely. The token has already started fixing and is trading at $2.0.
Overbought conditions and bursting bubbles could cause TWT to adjust as investors adapt to the FTX scenario.
However, TWT’s price action is positive after a slow and bullish push in the past. If the bulls defend critical levels, the token should be on the investor watch list. The area around $1.36 and $1.31 should be the focus.
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