While most other cryptocurrencies have lost value during the past week, #Trust Wallet Token (TWT) has increased by approximately 20%. Today's price action shows that $0.94, which had been acting as resistance after finding support at $0.79, has been overcome and is now providing support.
Chrome's recent price increase may be attributable to the release of the Trust Wallet Extension. With this version, Trust Wallet's full functionality within the Chrome browser now be accessed by all users. It's possible that increased demand and price for $TWT resulted from its greater availability.
TWT's value may rise as a result of recent advancements in networking.
On October 3, an upgrade to the Trust Wallet Extension was launched for the Chrome Web Store, bringing it to version 1.9.1. Users will have access to native EVM swaps, Ledger and hardware support, and cryptocurrency purchases, per the statement.
Thanks to the add-on, users of nine distinct blockchains have access to fifteen distinct staking choices. More people are probably investing in the Trust Wallet ecosystem as a result of this new functionality.
Additionally, on October 5th, Trust Wallet introduced a Trust Wallet Testimonial Contest in an effort to say thanks to its dedicated user base. A blog article claims that users would report their experiences with Trust Wallet and provide testimonials.
Five winners will be selected at random to receive mystery gift boxes from Trust Wallet once certain requirements have been met. Investors' enthusiasm for the ecosystem as a result of the competition should drive up the value of TWT tokens.
TWT has shown signals of price drop on the daily chart, despite its strong weekly increases. The drop in value may be related to Bitcoin's pullback from $30,000 to $27,770 this morning (October 9) at 5:36 EST. TWT surged from the $0.79 support level to the $0.94 resistance level, where it eventually broke through.
Additionally, the RSI indicator shows a purchase zone value of 64.5, which is close to 70. If you examine this indicator's downward movement closely, you'll notice that it's retracing from an overbought region. The RSI has moved in a way that is consistent with purchasers cashing in some of their gains and closing down their long holdings.
However, advancements in TWT's ecosystem mean that any dip in price will likely be temporary. TWT is expected to drop to $0.94 in the next days, according to the daily chart analysis, before restarting its uptrend.
More substantial gains are possible if the next rally pushes TWT over the $1 barrier zone. If the $0.94 support level breaks, however, buyers will need to be wary of bull traps.