The Trust Wallet price has slumped 15% to trade at $1.45 as of 12:30pm EST after its owner, Binance, launched its own Web3 wallet.
It features among the top losers today and comes on the back of Binance’s surprise announcement.
🔻#TWT Was everyone expecting more?
It’s important to understand that this is the launch of the Binance Wallet, a competitor to Trust Wallet. Hence the reaction…
Trust Wallet has already updated their logo 😀 pic.twitter.com/55Zz7N35FX
— Sprud (@SprudX) November 8, 2023
When Binance launched the Web3 wallet, the Trust Wallet token price dropped sharply.
— ATradeSniper (@Asnipercrypto) November 8, 2023
Nevertheless, some traders are still optimistic that Trust Wallet will correct to record another local top.
wave 4 getting in for #twt in the small time frame , looking good for another leg up from here till 2.35$-2.5$ area for local top.
Invalidation below 1.28$. pic.twitter.com/VOwKPk8kSj
— Bull Master (@bull_run_100) November 8, 2023
TWT Price Prognosis As Trust Wallet Gets New Industry Rival
The Relative Strength Index (RSI) has executed a sell signal, crossing below the 70 line after TWT was massively overbought. The sell signal was double parts; the RSI also broke below the signal line (yellow band).
Increased selling pressure below the current level could see Trust Wallet’s price break below the $1.4000 psychological level or lower, slipping past the other psychological level of $1.2000. A break and close below this level would invalidate the bullish outlook, as the price was rejected from this level during most of the first quarter of 2023.
In the dire case, the slum could extend below the 50-day Simple Moving Average (SMA) at $1.0078. If this level fails to hold as a support, the Trust Wallet price could slide below $0.9650 to test the 200- or 100-day SMA at $0.9544 and $0.9299 levels, respectively.
Conversely, with the Awesome Oscillator (AO) still in the positive territory and its histogram bars flashing green, bulls have a presence in the TWT market. Should they act, backed by sidelined and late investors, Trust Wallet price could pull north.
The ensuing buying pressure could see the Trust Wallet price recover the ground lost, potentially going above $1.80. However, the price must record a decisive daily candlestick close above $1.88 for a confirmed uptrend. Such a move would constitute a 30% climb above current levels.
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