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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.

When Binance launched the Web3 wallet, the Trust Wallet token price dropped sharply.

Nevertheless, some traders are still optimistic that Trust Wallet will correct to record another local top.

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.

Trust Wallet priceTrust Wallet price
TradingView: TWT/USDT 1-day chart

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.

Meanwhile, investors have turned to BTCETF as chatter on spot Bitcoin Exchange-Traded Funds (ETF) continues to intensify. Ready your cryptocurrency wallet with BTCETF before the first Bitcoin ETF is approved.

Promising Alternative To Trust Wallet

BTCETF is the ticker for the Bitcoin ETF Token project. It gives investors the first-mover advantage before the US Securities and Exchange Commission (SEC) finally gives a green light for the launch of spot BTC ETFs in the crypto market.

The BTCETF token is available for purchase using either ETH or USDT and going for $0.005 per token. Investors are already flocking to buy BTCETF, with presale sales now recording $70,979 out of the target of $420,000.

The Bitcoin ETF Token presale attracts an average of $35,000 per day, meaning the window is closing fast before the presale tokens run out. The token features among the top five crypto presales to buy now, so do not miss out.

As a side note, the Bitcoin ETF Token project is moving in five phases, categorized as milestones. The first one is when it hits $100 million in trading volume, while the fifth will be when Bitcoin’s price makes it to the $100,000 price tag.

Visit Bitcoin ETF Token here to buy BTCETF in the presale

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