Is Trust Wallet Going to Zero? TWT Price Drops Like a Stone as New Entrant Surpasses $500,000 Milestone
In a tumultuous move for Trust Wallet ($TWT), markets have reacted poorly to a teased ‘major update’ resulting in a -8% price drop, leading some dejected bag-holders to ask ‘Is Trust Wallet going to zero?’.
This comes following an impressive multi-leg +47.9% rally, which was triggered on October 4 by a cryptic teaser tweet that coincided with a reclamation of the 20DM.
Following almost two-weeks of anticipation, this mysterious update has been revealed as a light brand update.
🔹 @TrustWallet announces a major upgrade, introduces new brand identity.@TrustWallet reconsiders logo, brand identity, activates new interface.$TWT token declines 8% following the news.#CVSNews pic.twitter.com/voAStlZVVa— CRYPTO VIRTUE SENSE || AMA+SPACE (@VIRTUE_SENSE) October 17, 2023
Market reaction has been disappointment, with the revelation catalysing an almost instant -8% sell-off.
TWT Price Analysis: Is Trust Wallet Going to Zero After Rebrand Hype Flop?
As the downside move takes hold, TWT is currently trading at a market price of $1.00 (representing a 24-hour change of -4.62%).
Now on a collision course with the 200DMA (sat at $0.96), price action is likely to push further down to lower support on the short-time frame.
The recent +47.9% rally has led to a significant technical strengthening in chart position, with TWT price pushing up to break through 3 support levels alongside the 20DMA (now sat at $0.92) and 200DMA.
This creates an ironclad lower support level between $0.90 and $1.00 stemming from a near convergence of the moving averages and a localised support level at $0.94.
Meanwhile, shifting attention to Trust Wallet’s indicators, the RSI has cooled down rapidly with the -8% drop, although bearish divergence remains at 60.23.
While the MACD contrasts this, remaining at bullish divergence around 0.0103.
Overall, Trust Wallet appears vulnerable to further downside here on the short-time frame, with TWT price likely to fall to converged moving average support.
This leaves Trust Wallet with an upside target at $1.05 (a potential +4.18%).
While downside risk stands at $0.94 (a possible -6.74%).
Trust Wallet therefore carries a risk: reward ratio of 0.62 – a bad entry characterised by downside risk – but certainly not going to zero.
In other news, an emerging meme coin presale has broken-out capturing market interest with $562k raised.
$560K Raised – Could Meme Kombat Become Biggest Meme Coin of Q4 2023?
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.