The importance of the trust wallet token, as emphasized by Binance CEO Changpeng Zhao in the wake of the FTX-crypto exchange collapse, influenced investors’ concerns about the safety of their holdings. Consequently, the TWT price experienced significant inflows and a tremendous bull run. Is it prudent to purchase this token after such a rapid price increase?
The trust wallet token (TWT) resonated in a symmetrical triangular pattern for over a year. This continuation pattern is often seen in existing properties and offers an entry chance for sidelined buyers.
The theoretical objective for this pattern is the distance between the high and low of the earliest price spread inside the pattern shot from the breakout price point. As a result, the TWT price provided a positive breakout from the pattern’s resistance trendline near the conclusion of October’s bullish surge.
The post-retest rally increased prices by 140% in five days, reaching a new all-time high of £2.13. However, Binance CEO CZ’s recent tweet encouraging trust wallets, claiming, “Self-custody is a basic human right,” backed up this massive Bull Run.
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According to the above-mentioned technical setup, the TWT price has attained the goal indicated by the triangle pattern. However, achieving such an important goal in such a short amount of time is harmful to an asset.
As a result, if the trust wallet token fails to break over the £2.13 barrier, prices will likely face a correction period to regulate the bull trend. The daily-RSI slope soared into the above area, emphasizing traders’ aggressive buying and the need for a price correction.
The significant difference between the TWT price and its moving average (20, 50, 100, and 200) also indicates a considerable price jump in a short period of time. However, the EMAs might help buyers resume the bullish climb after a probable dip.
