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$TWT, crypto wallet platform Trust Wallet’s native utility token, has seen a major bullish breakout in the past two sessions, with price predictions becoming increasingly bullish.
The crypto token, which is issued on the Ethereum blockchain using the ERC-20 token standard, has pumped more than 20% over the past two days from under $0.80 per token to its current price in the $0.96s.
Hype and speculation about a major upcoming announcement that could add to $TWT’s utility by Trust Wallet appears to be the catalyst of the latest move higher.
In a cryptic tweet shared on Wednesday, the crypto wallet developer said “the countdown is on”, without elaborating on any further details.
That tweet alone appears to have been sufficient to encourage some degen traders to pile into the market and pay an elevated price of $TWT tokens in the hopes they might be front-running major future gains.
A major boost to $TWT’s utility could be just what the token needs to revive it from its 2023 bear market.
Whilst other sectors of the crypto market have rallied in 2023, Trust Wallet’s $TWT has lost more than 30% of its value, after failing to hold onto its post-FTX collapse gains that sent it as high as the $2.70s.
At the time, crypto traders were betting that FTX’s collapse would bolster demand for self-custody wallets, like those provided by Trust Wallet (thus also boosting $TWT’s demand and value).
Price Prediction - Where Next for Trust Wallet ($TWT)?
$TWT’s latest push higher has seen it break convincingly to the north of its 21, 50 and 100-Day Moving Averages, a strong signal of a positive shift in short-term market momentum.
However, $TWT has so far failed to break above key resistance around the $1.0 level, where the 200DMA, July and August highs and March lows reside.
A clean break above this area, as well as resistance at $1.05, would open the door for a sustained bull market.
Of course, much depends on the upcoming announcement from Trust Wallet, and whether it is met with a positive reaction from the crypto trading community.
Crypto Alternatives to Consider
The near-term outlook for Trust Wallet ($TWT) is potentially very strong, but crypto investors should always be looking to diversify their holdings.
An alternative and equally high-risk-high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.