Trust Wallet Token Breaking Out: Will TWT Price Recover in 2023?

Key Takeaways:

• Trust Wallet token price has been surging pretty high in the past few days after holding above the lower crucial support at $1
• The fractals are slowly turning bullish in the longer time frame and hence a significant upswing appears to be preprogrammed
• The trader’s activity appears to have dropped with a plunge in the bullish sentiments which may largely impact the rally ahead

Trust wallet tokens had dropped extensively in the last few days of 2022 and remained under extreme bearish influence, regardless of the market conditions. Although it attempted a recovery, the bears slashed the price harder to mark new yearly lows. Presently, the price is again trying to rise, but unlike the previous scenario, the TWT price could break out of the bearish trap and soar high. 

The non-custodial wallet is coming up with such an impressive feature that may increase the adoption rate, influencing the TWT price. Trust Wallet is working with crypto payment services MoonPay and Ramp Network to enable users to convert their cryptos into Fiat within the App. The platform aims to offer a smooth off-ramp experience and move in and out of crypto having full custody of their assets. 

Moreover, TWT holders may get additional benefits such as discounts for holders with more than 100 tokens. 

“Before our partnership, Trust Wallet users had to choose between the risk of simple, centralized custodial solutions, and the more demanding journeys of more secure, non-custodial solutions,” Szymon Sypniewicz, CEO at Ramp. 

Trust Wallet Token (TWT) Technical Overview

Source: Tradingview

• The Trust Wallet Token price just surged beyond the bullish falling wedge as the fresh upswing validated the breakout from the consolidation
• With the breakout, the price is now believed to surge notably toward the interim resistance zone between $1.52 to $1.56
• Besides, the ADX or the Average Directional Index that indicates the strength of the rally is displaying bullish divergence after remaining along the lower support for a couple of months
• The buying volume is slightly rising which may further impact the price positively and offer the required boost to propel high

Read more: Will Curve DAO Price surpass the $1 Mark?

Trust Wallet Token On-Chain Overview

Trust Wallet Token Daily Active Address

Source: Santiment

The daily active address is nothing but the count of the addresses which actively interacted with the platform to perform the trade. All the addresses regardless of whether it is a buy address or sell address or swap address are considered but only once per day. The rise in the daily active address indicates the growing adoption of the token among the market participants which may heavily impact the price ahead. 

Woefully, the DAA levels have remained largely stuck within a minor range indicating minimal activity being carried out. However, the price does not appear to have largely impacted at the moment but if the levels continue to diminish, then the trend may soon flip into a descending trend. 

Read more: ETH Price at $1900 as Shanghai Upgrade comes closer!

Trust Wallet Token Total Weighed Sentiment

Source: Santiment

The popularity and the demand for the asset depend on the sentiments of the market participants with respect to the token. The Weighted sentiments consider all the sentiments regardless of whether positive or negative and compare them with the occurrence. A raised levels indicate bullish sentiments of the traders over the token which may largely impact the price ahead. 

Woefully, the sentiments of the traders appear to be bearish at the moment as the levels have dropped negative. It may further mount a notable bearish pressure over the asset which may pull the prices notably down.

Trust Wallet Token Developer’s Activity

Source: Santiment

The developer’s activity count indicates the prevailing enthusiasm among the developers to enhance the platform’s performance and deliver new upgrades. The rise in the levels usually induces confidence among the market participants over the platform who may remain bullish for a longer time frame. The development activity is recorded on GitHub public repositories. 

The activity of TWT appears to be largely active but the levels have been varying largely for quite a long time. Meanwhile, the trend remains to descend which may hinder the progress of the rally ahead. However, the present upswing is trying to break out from the bearish trend and a successful breach may invalidate the bearish narrative.

Concluding Thought

Trust Wallet token price has just begun to rise above the bearish trend and may continue to rise high in the coming days. Meanwhile, some of the technicals continue to flash bullish signals but some are yet to flip above the bearish narrative. Hence a continued upswing toward the interim resistance may elevate the price and keep up a fine upswing to mark the higher highs.

Values as on April 6, 2023.