Trust Wallet Token (TWT), the native utility and governance token of Trust Wallet, has experienced a significant surge of 14% in the past 24 hours, reaching a two-month high of $0.934. This increase in price is accompanied by a substantial spike in trading volume, which has risen by 1429% over the same period, totaling $177 million in trading activity.
Despite facing a bearish trend over the past month, Trust Wallet Token has managed to reverse its fortunes in the first week of October, gaining 19% in just seven days. The recent surge in price has brought TWT to within 67% of its all-time high of $2.72, achieved ten months ago.
Analyzing the recent bullish momentum, it’s important to note that Trust Wallet Token’s price is currently above its 50-day exponential moving average (EMA), which is situated at $0.8185. Additionally, the daily relative strength index (RSI) indicates that the asset is in an overbought condition, with an RSI value of 75.
Traders have expressed optimism about the potential for Trust Wallet Token to reach the $0.9724 to $1 range for further gains. However, it’s crucial to exercise caution, as a drop below the $0.7731 level could undermine the bullish outlook and lead to a retest of the $0.7490 support level.