Trust Wallet Token (TWT) seems unaffected by the decline in the crypto market, maintaining a nearly 20% gain in the past seven days while top coins are receding. After finding support at $0.79, it has rallied above the $0.94 resistance, turning it into a new support level today.
The recent update of Trust Wallet Extension on Chrome may be driving its price gains in the past week. With this update, users can now enjoy the full features of Trust Wallet integrated with their Chrome browser. This easy access might have boosted the use of TWT, thereby increasing its demand and price.
Recent Network-Related Developments Can Push TWT’s Price Further
The new update of Trust Wallet Extension (V 1.9.1) on Chrome Store was announced on October 3. As per the announcement, users can now enjoy native EVM swaps, Ledger and hardware support, and crypto purchases.
With the extension, users can now access 15 different staking options across nine blockchains. This additional utility is likely attracting more investors to the Trust Wallet ecosystem.
Additionally, on October 5, Trust Wallet launched a Trust Wallet Testimonial Contest to reward its loyal community. According to a blog post, participants will share their testimonials and experiences using Trust Wallet.
Trust Wallet plans to reward five lucky winners with mystery swag boxes upon completion of certain tasks. This contest will likely increase investors’ interest in the ecosystem and lead to price gains for TWT tokens.
TWT Declining On Daily Chart Despite Weekly Gains
Despite significant gains over the week, TWT shows signs of a price decline on the daily chart. Its decline could be correlated to the retracement in BTC’s price from $28,000 to $27,770 on October 9, at 5:36 am EST. After rallying from the $0.79 support level, TWT broke above the $0.94 resistance level.
TWTUSD price chart. | Source: TradingView.com
Looking at the daily chart, TWT has formed two consecutive red candles, indicating increased selling pressure. Today’s candle also drops below the trendline, suggesting a slight retracement ahead for the token.
TWT is retracing in the Donchian Channel (DC) and approaching the Median Band. A drop below this band will confirm that the sellers have regained dominance over its price.
Furthermore, the Relative Strength Index (RSI) indicator displays a value of 64.5 in the buy zone, close to 70. A closer look at this indicator and its downward motion reveals that it is retracing from the overbought zone. The RSI’s movement confirms the sentiment that buyers are starting to take profit and close long positions.
Nevertheless, the price retracement for TWT will likely be brief due to its ecosystem developments. The daily chart analysis shows that TWT will likely decline to $0.94 in the next few days before resuming its rally.
Additionally, the next rally may likely push TWT above the $1 resistance zone for more impressive gains. However, buyers must be cautious of bull traps if the $0.94 support level fails to hold.
Featured image from Pixabay and chart from TradingView.com