Trust Wallet Token (TWT) Pumps 14%. Time to Buy?

• Trust Wallet Token trading volume has surged 1429% in the past 24 hours.
• TWT surges 14% in 24 hours, hitting a two-month high.

Trust Wallet Token (TWT), a utility and governance token native to Trust Wallet, the popular noncustodial cryptocurrency wallet, has caught the crypto market’s attention by surging an impressive 14% in the past 24 hours. It also reached a two-month high of $0.934. These developments align with an X post from the Trust Wallet team made just hours ago, teasing upcoming development.

Notably, the post included the hashtags FreedomFoundations and TrustYourself. It immediately grabbed the community’s interest, leaving them eager to speculate about the announcement’s nature.

The countdown is on. #FreedomFoundations #TrustYourself pic.twitter.com/QXNeUSSqEx

— Trust Wallet (@TrustWallet) October 4, 2023

It is worth mentioning here that TWT faced a challenging bearish trend for the past month, hitting a three-month low of $0.7325 on September 11. However, the first week of October has seen a dramatic turnaround, with TWT surging an impressive 19% in just seven days.

One of the most eye-catching aspects of TWT’s recent performance is its trading volume, which spiked significantly by 1429 % in the past 24 hours, reaching a total of $177 million in trading activity. Moreover, TWT is now just 67% away from it’s all-time high of $2.72, reached ten months ago.

Analyzing TWT’s Bullish Momentum

A closer look at TWT’s recent price movements reveals a prevailing bullish trend on the daily chart. The 50-day exponential moving average (EMA) currently sits at $0.8185, positioned below the current trading price. Additionally, the daily relative strength index (RSI) stands at 75, indicating an overbought condition.

Traders remain largely positive in their market sentiment, with many anticipating TWT’s potential to reach the $0.9724 to $1 range for further gains. Nevertheless, it’s essential to exercise caution and remember that a dip below the $0.7731 mark could potentially undermine this bullish outlook, leading to a retest of the $0.7490 support level.