Trust Wallet Price Soars 2% as ChangPeng Zhao Reacts to Over $7M Hack

Highlights:

• Trust Wallet price has soared 2% to $0.84, despite the recent hack incident.
• Binance co-founder CZ has reacted to the recent attack and confirmed that Trust Wallet will cover all the lost funds.
• The technical outlook still holds a bearish picture, as a breach below $0.78 support could see a plunge towards $0.63.

The Trust Wallet price (TWT) is hovering around $0.84, marking a 2% surge in the past 24 hours. On the technical side, momentum indicators suggest mixed signals, but hint at an upside move in the coming days if the $0.78 support holds.

Meanwhile, more than $7 million was stolen, with over 300,000 users of the Trust Wallet reporting unauthorized withdrawals of funds in their accounts without any approvals. The occurrence has brought about some concerns, as this comes after an update was made to the Trust Wallet Chrome extension, which was published on December 24.

Statistics indicate that there are extensive transfers between the affected wallets, with the highest activity concentrated at hours marked by the release of updates. Trust Wallet has claimed that the attack was limited to Browser Extension version 2.68 only. Users should disable it and upgrade to 2.69 as soon as possible. Nonetheless, the mobile-only users, as well as all other extension versions, are not affected.

On the other hand, Binance co-founder Changpeng “CZ” Zhao has confirmed that Trust Wallet will cover the lost funds. He has assured users that the team is still investigating how the hackers were able to submit a new version, which led to the loss of funds.

Trust Wallet Price Key Levels to Watch

Looking at the price chart, the TWT token is exchanging hands at $0.84 and remains within a falling wedge pattern. The daily chart shows the Trust Wallet price trading just below two crucial simple moving averages, including the $0.96 (200-day SMA) and $1.03(50-day SMA). Traders typically use these SMAs to gauge market direction and trend strength.

The $0.96 zone is acting as the first major resistance area. If the price breaks above this level, new buyers could step in quickly, pushing it higher.

Conversely, falling below the $0.78 major support zone could open up a retest of the next big support around $0.63. However, such a dip would likely draw in strong demand from long-term holders. Technical indicators are also signalling mixed signals. The RSI (Relative Strength Index) has crossed above the RSI-based MA, currently at 37.60. This suggests the price is neither overbought nor oversold, leaving room for movement in either direction.

Looking at the bigger picture, the Trust Wallet price is showing mixed signals, with a clear support area at $0.78. If the price can break out above the upper resistance at $0.96, the next main target is $1.03. For now, the TWT price faces short-term headwinds amid the recent hack and nervous sentiment. However, the recovery of the lost funds may restore confidence to users.