Trust Wallet Token (TWT) is experiencing a surge in price as it breaks above a multi-month trendline. The token, which is native to Trust Wallet, has increased by 10% in the past 24 hours, reaching $0.89. This breakout is supported by significant trading volume, which has increased by almost 500% to $186 million. As a result, the market capitalization of TWT has also risen by 10% to $374 million. Despite this positive movement, on-chain data shows a decline in the number of active addresses for TWT. This suggests that investors are buying the token but leaving it on exchanges, ready to sell at any sign of profit.
The price of Trust Wallet Token has been strengthened by its move towards $1 after breaking above a long-standing falling trendline. This breakout is accompanied by a surge in trading volume and renewed investor interest due to the introduction of Ethereum futures exchange-traded funds (ETFs) in the United States. The US Securities and Exchange Commission (SEC) has approved multiple Ether ETF products, leading to a bullish wave in the crypto market. Trust Wallet Token continues to rise and has found support at $0.85 and resistance at $0.864 and $0.965.
The Moving Average Convergence Divergence (MACD) indicator suggests that the path of least resistance for TWT is upwards, with the MACD line above the signal line. However, there may be a brief reversal due to overbought conditions indicated by the Relative Strength Index (RSI). Despite these potential fluctuations, investor sentiment towards Trust Wallet Token is growing, with the token ranking among the top ten gainers in the BNB Smart Chain ecosystem.
Trust Wallet Token’s vibrant community plays an essential role in its success as enthusiasts believe in its potential as a token and its contribution to shaping the future of DeFi and Web3. However, investors should also consider alternative projects like Meme Kombat, a new meme coin project that combines memes and Web3 games. This platform offers various betting options and has already raised over $312k via an ICO. Buying the token powering Meme Kombat, $MK, is straightforward using the Ethereum blockchain and the BNB Smart chain.
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