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.
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.
$560K Raised – Could Meme Kombat Become Biggest Meme Coin of Q4 2023?
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
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The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $1.667, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.