Trust Wallet Token Surges Nearly 30% in 24 Hours
Trust Wallet Token (TWT) jumped almost 30% in the past 24 hours. It peaked at $1.26 before falling back near $1.16. The rally followed a post by Binance founder Changpeng “CZ” Zhao on X. However, technical charts show the price move began before the social media attention.
On the 2-day chart, TWT formed an inverse head-and-shoulders pattern, a classic bullish signal. After the breakout, the price quickly reached the projected target of $1.17. CZ’s post helped speed up the rise, but traders booked profits once the target was hit.
CZ wrote on X, “TWT token started as an experiment. The FDV got too high quickly. They burned 99% of the supply, but didn’t have too many use cases for it. Now that’s expanding.”
Profit-Taking Increases After Price Spike
After the price surge, many traders took profits. Exchange net flows rose sharply from 177,980 TWT on September 17 to 2.84 million two days later. This 1,600% increase shows holders moved tokens to exchanges to sell.
Large holders, or whales, also sold. Wallets holding 10 million to 100 million TWT reduced their stakes by over $8 million in September. This added to the selling pressure.
Key Support Levels and Market Outlook
Long-term indicators remain cautious despite recent gains. Since late 2024, TWT has shown hidden bearish divergence. This suggests weak momentum and a continuing downtrend.
Key support levels are at $1.00, $0.84, and $0.71. On the upside, a daily close above $1.42, ideally $1.63, is needed to turn sentiment bullish. For now, the rally looks like a short-term breakout followed by heavy profit-taking, not a sustained trend.
