TrustWallet regains investor confidence – CZ promotes the use of non-custodial wallets

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  • TWT has posted a gain of more than 50% in the past 24 hours.
  • Users are fleeing exchanges and turning to non-custodial wallets amid FTX collapse.
  • CZ’s Binance acquired TrustWallet in 2018.

Market participants are shifting from exchanges to non-custodial wallets. One wallet in particular, and its corresponding token, seems to benefit from this. TrustWallet and the TWT token have gathered all the fame as they have seen a gain of over 50% in the last 24 hours.

Crypto billionaire and Binance CEO Changpeng Zhao tweeted about the importance of self-custody and encouraged users to use the trusted wallet, fueling the token’s rally.

Let the graphics say

Source: commercial view

The price shows a bullish breakout after the parallel channel is intact. Prices and buying volumes jumped several times, driving the market higher. This caused the BB bands to diverge sharply, becoming almost aligned with each other. The price broke all previous resistance levels and set higher highs.

Source: commercial view

The CMF indicator turns bright green, indicating the bullish takeover in the market. The MACD indicator pulls immediately after the bullish breakout, and a myriad of buyers are active in the market. The RSI indicator rises into the overbought zone crossing even the 80 point level.

The 4 o’clock view

Source: commercial view

The 4-hour report shows that the MACD is still in bullish strength and wholesale buying is underway. The RSI indicator is back in the bullish zone and is near the 70 mark. It can go up, cross the limit to become oversold.

Conclusion

Call it strategy or just luck, TOP did something right to set a new all-time high amid the crisis. Whichever measure they chose, it worked well for them. The price can hit the $3 level in no time, setting higher highs and accelerating into bullish mode. It surely regained the trust of users and gave them other options to operate in crypto.

Technical levels

Support levels: $1.05 and $0.98

Resistance levels: $2.06 and $2.75

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

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