With a 15% price increase in the last 24 hours, $TWT has emerged as today’s top-performing token.
Trust Wallet Token ($TWT) appeared poised to break the $1 threshold as it maintained its bullish momentum today. The token has surged nearly 15% in the past 24 hours and over 23% in the last week. As a result, $TWT stands out as the leading gainer among the top 100 cryptocurrencies for the day. It is currently trading at $0.9356, boasting a total market capitalization of approximately $389 million at the time of this writing, according to CoinMarketCap.
In 2017, Trust Wallet was established by Viktor Radchenko as a decentralized, open-source, and non-custodial multi-cryptocurrency wallet. In 2018, it became an integral part of the Binance ecosystem and was designated as the official cryptocurrency wallet.
$TWT serves as the native governance token within this ecosystem, enabling holders to engage in crucial decisions that impact the wallet’s ecosystem. Beyond governance, $TWT holders can take advantage of discounts when buying cryptocurrencies through the app and contributing to the development by using the token as a means of payment.
On October 4th
The token’s price broke free from a 130-day descending resistance trendline, reaching a peak of $0.97 before experiencing a slight dip to its current level. Nevertheless, the coin appears to maintain its positive momentum.
However, the divergence between its price and daily active addresses (DAA) reveals a contrasting narrative. Despite the ongoing rally, which boosted the average daily trading volume over the past day by an impressive 1,250%, market intelligence platform Santiment pointed out that there have been no whale transactions involving more than $100,000 worth of $TWT since August 29th.
This observation suggests that holders might be opting to keep their assets within the exchange’s custody, potentially indicating a heightened level of volatility for the token.
Furthermore, it’s worth noting that $TWT’s active wallets have reached their lowest point since August 22nd. This indicates that investors have been acquiring the token on exchanges and holding onto it until a more favorable price level is achieved. Consequently, the trading volume is primarily derived from activities on these exchanges.
The price-DAA divergence, which reflects the relationship between the token’s price and the number of active addresses, has plummeted to a negative 109%. According to Santiment, this signifies a significant sell signal.
Conversely, $TWT’s social volume has surged by an impressive 180% in the past two days. Santiment defines social volume as the total number of textual documents containing a specific search term at least once, based on social data.
Although numerous analysts had previously forecasted a bullish price trajectory for the coin, a drop below its September 12th high of $0.83 could signal a reversal of fortune. In such a scenario, a retracement to the $0.72 level, representing a 20% decrease, might become a plausible future scenario.
Nevertheless
$TWT’s present momentum, driven by its breakthrough from the long-standing resistance trendline, has sparked excitement among investors. Additionally, at the time of writing, bulls were exerting dominance in several top tokens, aligning with an overall positive shift in the broader cryptocurrency market over the past 24 hours.
