The recent launch of Binance’s own Web3 self-custody wallet has sent shockwaves through the crypto community. As a result, the native token of popular web3 wallet Trust Wallet, TWT, has experienced a significant decline in price, leaving many concerned investors wondering if Trust Wallet is heading towards zero. Binance’s entry into the Web3 wallet space has sparked caution among traders and investors, as it introduces tough competition for Trust Wallet. Adding to this, Binance has also introduced an innovative security feature that sets it apart from traditional web3 wallets.
Following the announcement of Binance’s Web3 wallet, the price of TWT has plummeted by 21%. Currently, TWT is trading at $1.48, indicating a 24-hour change of +0.70%. The sudden drop in price has disrupted the impressive rally structure that TWT had built over the past month. The rally was fueled by a golden cross formation on October 19, which led to a 71% surge in TWT price entering November. However, the recent sell-off triggered by Binance’s announcement has caused a retracement in TWT price.
Indicators and Price Analysis
Despite the retracement, TWT price remains relatively strong. The RSI has cooled down slightly but still exhibits bearish overbought divergence at 67.22. The MACD remains positive, indicating that buy pressure persists. This suggests that TWT price might be able to find support and regroup for further upside potential. The immediate target for TWT lies around $1.65, which represents a possible 10.92% increase. On the downside, TWT could drop to lower moving average support at around $1.21, resulting in a potential 18.66% decline. Therefore, the risk:reward ratio for TWT currently stands at 0.59, with more downside risk dominating the short-term chart.
While TWT struggles to regain its strength, investors might consider exploring alternative investment opportunities that offer larger potential returns. One such opportunity is the presale of Meme Kombat, a groundbreaking project that combines nostalgic gaming with decentralized web3 technology. Meme Kombat provides an arena where meme characters battle it out, and players can place bets on the outcomes. This unique concept has garnered significant attention and promises an exciting experience for participants.
The Promise of Meme Kombat
Meme Kombat boasts a transparent and unpredictable gaming experience through the use of AI-driven battles. The project’s decentralized nature ensures fairness, and the upcoming security audit of their smart contract further strengthens this commitment to transparency. The project’s founder, Matt Whiteman, brings credibility to Meme Kombat with his two decades of experience in process design and his position as the COO of North Technologies. Additionally, the tokenomics of Meme Kombat, with its attractive staking opportunities and dual functionality of earning and gaming, make it an appealing choice for potential investors.
Meme Kombat taps into the booming GambleFi industry, presenting a fresh and innovative offering to the crypto community. By combining memes, gaming, and blockchain technology, Meme Kombat offers a unique investment opportunity for individuals looking to diversify their portfolios. With Season 1 already showcasing 11 meme characters and Season 2 on the horizon, there’s plenty of action to keep players engaged. It’s important to remember that investing in cryptocurrencies carries significant risks, and this article should not be regarded as investment advice.
Binance’s entry into the Web3 wallet space has caused a significant decline in the price of Trust Wallet’s native token TWT. However, despite the initial panic, TWT price remains resilient and shows potential for future growth. Meanwhile, alternative investment opportunities like Meme Kombat offer a fresh and exciting way to generate returns in the crypto market. As always, investors should exercise caution and conduct thorough research before making any investment decisions.