Trust Wallet Token (TWT) Tallies 22% In Last Week, Will It Test $1 Mark?

Kent Tenix

Last Updated: June 11, 2024 9:37 am

3 mins read

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Amid the recent regulatory hurdles in the crypto market, Trust Wallet Token (TWT) still managed to show bullish momentum, boasting an impressive growth rate of 22% in the past week. This rapid increase has sparked speculation and curiosity among traders and investors about whether TWT will reach the highly anticipated $1 mark.

The Surge Of Trust Wallet Token (TWT): Factors And Analysis

Trust Wallet Token is a cryptocurrency associated with the popular mobile wallet for holding/storing digital assets, Trust Wallet. The integration of TronDAO Staking V2 into TrustWallet on June 16 likely positively impacted the price of the Trust Wallet token (TWT). The feature increased user convenience and utility, attracting more investor confidence, increasing the demand for TWT, and raising its price.

Also, the recent partnership between Trust Wallet and Tezos offering users a free McLaren F1 digital collectible likely positively impacted the Trust Wallet Token (TWT). The development created excitement and increased user engagement, potentially leading to increased demand for TWT and subsequent price growth.

As of the time of writing, Trust Wallet Token (TWT) is exhibiting a bullish momentum, resulting in a 24-hour increase of 2.26%, representing a price mark of $0.9212.

According to CoinMarketCap’s data, the trading volume of TWT experienced a significant increase. Specifically, it jumped by more than 13% and reached a value of $19 Million. This notable surge in trading volume suggests that there has been a genuine retail buy-up from members of the Trust Wallet community.

TWT’s price currently hovers around $0.9212 in the daily chart. | Source: TWTUSD price chart from TradingView.com

The Prospects Of Trust Wallet Token Reaching The $1 Mark

At present, the Trust Wallet Token is trading above the middle line of the Bollinger Bands indicator, which suggests that the price is currently higher than the average value. This can be seen as a positive sign, indicating potential strength or bullishness in the asset’s price trend.

Also, the Moving Average Convergence Divergence (MACD) of the Trust Wallet Token ($TWT) is above its signal line, and the histogram bars display green, signifying a robust bullish signal. The combination of these indicators suggests a strong bullish momentum and $TWT can potentially hit the $1 mark soon.

One important advantage investors in TWT might consider is that its value is based on its fundamental usefulness. Unlike some other digital currencies that the Securities and Exchange Commission (SEC) considers investment contracts, TWT has a specific purpose in powering the decentralized Trust Wallet ecosystem. Similarly, this has given investors confidence in the token’s potential and value.

Featured image from Pixabay and chart from TradingView.com

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

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