Crypto exchange Binance’s native trust wallet token (TWT) had a bullish run last week amidst market turmoil from the FTX fallout. The TWT bull run has raised questions whether it makes sense to buy this token after a rapid zooming.
One factor that graced the TWT surge was parent Binance CEO Changpeng Zhao stressing the importance of the trust wallet token in salvaging investments, which assuaged investors’ concerns.
From a technical side, analysts also see TWT’s symmetrical triangle pattern of market leap for more than a year offering entry opportunities for side-lined buyers. The TWT oscillations from high to low got with a wider gap from the breakout price point.
During this late October’s bull-run too the price of TWT had a bullish breakout from the resistance line under the symmetrical pattern.
In the post-retest rally, prices jumped over 135% in five days hitting a new high of $2.5. Binance CEO’s tweet also encouraged investors with words like “self custody is a fundamental human right”, indicating its reliability.
Reports also said there is considerable shifting of coins away from exchanges since the FTX meltdown as “self-custody” sentiment is high.
Early Monday, Binance had a net outflow of more than $72 million, while outflows of $12.7 million and $7.3 million were reported from Huobi and Crypto.com, according to blockchain analytics firm Nansen.
The higher withdrawals from Bitcoin’s exchange reinforced the investor preference for self-custody.
