The meteoric ascent of the Trust Wallet Token (TWT), a product of the Trust Wallet firm, has certainly piqued the crypto community’s interest. This native utility token, unleashed onto the Ethereum blockchain via the ERC-20 token standard, has experienced a bullish breakout in the past 48-hours, skyrocketing over 20% from under $0.80 to tip-toe around a staggering $0.96 per token. The driving force behind this hike? A potent mix of hype, speculation, and a cryptic tweet from the crypto wallet developer teasing a forthcoming announcement that could bolster $TWT’s utility.
While the tweet’s ambiguity failed to reveal more details, it was enough to incite a whirlwind of market activity. As a result, enthused traders plunged into the market, paying a premium for $TWT tokens in the hopes of leaping ahead of future gains. This boost to $TWT could be the lifeline it needs to rise from its 2023 bear market ashes.
In contrast to the thriving sectors of the crypto market this year, Trust Wallet’s $TWT witnessed a drastic 30% value reduction. This plunge occurred after the token failed to maintain its post-FTX collapse gains, which had rocketed it to an impressive $2.70. The implosion of FTX had initially spurred hopes that the demand for self-custody wallets, like Trust Wallet, would surge, subsequently inflating the value and demand for $TWT.
The recent price hike has seen TWT dramatically soar past its 21, 50, and 100-Day Moving Averages – a clear indication of a shift in short-term market momentum. But this triumph is bittersweet as $TWT struggles to crack through the formidable $1.0 level resistance. Alongside the yet-to-be-revealed announcement from Trust Wallet, a clean break above this level, as well as a resistance at $1.05, could set the stage for a enduring bull market.
Despite TWT’s promising outlook, investors are urged to spread their wings and diversify their portfolios. One such high-risk-high-reward venture is participating in crypto presales. This avenue involves investing in the tokens of budding crypto ventures to fund their growth. Although these tokens are usually priced affordably, there is a strong track record of presales generating substantial exponential gains for early bird investors.
The key, however, is identifying the right prospect. Reaping the maximum risk/reward from a presales investment hinges heavily on locating projects with inspired teams and revolutionary visions for crypto applications and platforms. The diligent team at Cryptonews actively scours through presale projects, paving the way for interested investors. Remember, despite the buzz and potential rewards, crypto remains a high-risk asset class, and there’s always a chance of losing your investment.
Source: Cryptonews
