Market Overview for WalletConnect Token/BNB (WCTBNB) – October 3, 2025

• Price declined 0.46% from $0.0002409 to $0.0002214 in 24 hours.
• Volatility expanded during midday, reaching a high of $0.000237 before retreating.
• Volume surged during late market hours, with 1600.0 units traded at the 14:00 ET candle.
• RSI suggests oversold conditions, with momentum potentially poised to reverse.
• Bollinger Bands showed a moderate expansion, indicating increased market uncertainty.

At 12:00 ET–1 on October 3, 2025, WalletConnect Token/BNB (WCTBNB) opened at $0.0002409 and traded as low as $0.0002214 before closing at $0.0002214. The 24-hour candle recorded a high of $0.0002409 and a low of $0.0002214. Total volume amounted to 12,063.0 units, with a notional turnover of $2.68 (assuming one contract = 1 unit). Price has shown a consistent bearish drift, with buyers showing limited resilience.

Price action over the last 24 hours has been characterized by a sustained bearish bias, with the most notable move occurring between 12:00 and 16:00 ET. A bearish engulfing pattern formed at 06:45 ET as price moved from $0.000234 to $0.0002321. This was followed by a continuation of bearish momentum through the day. Key support levels have been tested at $0.0002287 and $0.0002241, both of which were broken. Resistance levels include $0.000234 and $0.000237, which have failed to hold multiple times.

Moving averages suggest further downside. The 20-period and 50-period SMAs on the 15-minute chart show a clear bearish crossover, while the daily 50/100/200 SMA alignment has not been calculated due to limited data. The 50-period SMA on the 15-minute chart is at $0.000231, suggesting price could continue below this level for at least one more session.

The RSI stands at 28, indicating potential oversold conditions. MACD lines show bearish momentum, with the histogram expanding in the negative territory since 06:45 ET. Bollinger Bands have widened, indicating increased volatility, and price has spent most of the 24-hour period in the lower half of the band. This is a typical feature of a consolidation phase following a sharp move.

Volume spiked at 14:00 ET, with 1600.0 units traded as price plummeted to $0.0002241. This suggests increased selling pressure during the session. Turnover also rose during this time, aligning with the bearish move. However, divergence was observed during the morning session, where volume remained flat despite price declines, hinting at fading bearish conviction. Notably, the candle at 12:15 ET showed a long lower shadow at $0.0002278, indicating temporary buying interest.

Fibonacci retracement levels from the swing high at $0.0002409 to the swing low at $0.0002214 show the 38.2% level at $0.0002321 and the 61.8% level at $0.0002259. Price has tested and broken both levels, which may signal a target near the 200-period SMA or below the $0.0002214 level.

Backtest Hypothesis
The backtesting strategy suggests entering a short position when RSI dips below 30 and volume surges above the 20-period average, with a stop-loss placed above the recent swing high. Given the current RSI at 28 and the recent volume spikes, the strategy would trigger a short signal. This aligns with the bearish trend observed in the last 24 hours. However, traders should remain cautious as a breakout above $0.000234 could invalidate the short position and signal a reversal.