WalletConnect Token/BNB Market Overview for 2025-10-08

• WCTBNB fell to a 24-hour low of $0.0001800 amid a weak bearish bias and low volume.
• Price formed multiple bearish patterns, including rejection from 0.000185 and a key support level at 0.0001822.
• RSI remains oversold while volume remains suppressed, signaling a potential consolidation phase.
• Volatility expanded in the latter half of the day, with a recent rebound failing to confirm bullish momentum.

WCTBNB opened at $0.0001903 on 2025-10-07 at 12:00 ET and closed at $0.0001822 on 2025-10-08 at 12:00 ET, reaching a high of $0.0001903 and a low of $0.0001800. The 24-hour volume was 10,723.5 WCTBNB and the notional turnover was $1.979 (based on BNB prices). The price action indicated a bearish consolidation phase with no clear reversal signals.

Structure and formations revealed multiple bearish patterns including a falling wedge and a potential bearish divergence in RSI. Key support was identified at $0.0001822 and $0.0001807, with resistance levels forming at $0.000185 and $0.0001867. A long-legged doji at $0.0001856 and a bearish engulfing pattern at $0.0001841 highlighted significant bearish momentum.

The 15-minute 20SMA and 50SMA showed a bearish crossover, with the 20SMA below the 50SMA. The daily 50/100/200SMA indicated a continued downtrend. RSI fell into the oversold zone below 30, suggesting potential for a bounce, but volume failed to confirm this. MACD crossed into negative territory and remained below the signal line, reflecting ongoing bearish momentum. Bollinger Bands showed a moderate expansion, with price closing near the lower band, indicating a possible rebound.

Fibonacci retracement levels from the recent high of $0.0001903 to the low of $0.0001800 identified 38.2% at $0.0001848 and 61.8% at $0.0001823. Price tested both levels during the day, with the 61.8% level acting as a key support. The price’s inability to break above the 38.2% level suggested a continuation of the bearish trend.

WCTBNB may test the $0.0001822 support in the next 24 hours, with a risk of a further drop toward $0.0001800 if the support fails. A break above $0.0001841 could signal a short-term bounce but is unlikely to confirm a reversal. Investors should monitor the 50SMA as a critical line for momentum shifts.

Backtest Hypothesis
The proposed backtesting strategy involves entering long positions when price retests the 61.8% Fibonacci retracement level from a bearish move and closes above it, confirming a potential bounce. A stop loss is placed below the 38.2% retracement level, and a take profit is set at the nearest resistance or a 2:1 risk-reward ratio. This approach aligns with the observed price behavior, where WCTBNB has bounced off $0.0001822 and $0.0001841 during the past 24 hours, suggesting that the 61.8% level could be a valid entry trigger in a similar setup.