WalletConnect Token/BNB Market Overview

Summary
• Price action showed a volatile recovery with a 15-minute bullish breakout above key support.
• Volume spiked during a major upswing in the late evening, but failed to confirm sustained momentum.
• RSI signaled overbought conditions at close, suggesting potential near-term correction.
• Bollinger Bands expanded, reflecting heightened volatility amid a sharp price reversal.
• No clear 15-minute engulfing patterns formed, but a bullish reversal from session low emerged.

WalletConnect Token/BNB (WCTBNB) opened at $0.0001233 on 2025-11-08 at 12:00 ET, reached a high of $0.0001399 and a low of $0.0001217 before closing at $0.0001259 on 2025-11-09 at 12:00 ET. Total volume for the 24-hour period was 97,729.5 units, with a notional turnover of $13.26 (calculated using average price and total volume).

Structure & Formations

The session saw a strong reversal from a low of $0.0001217, forming a shallow bullish reversal pattern at the bottom of the 24-hour range. A key support at $0.0001225 held during the initial dip, and price retested it three times before breaking above. Resistance at $0.0001265 briefly stalled upward momentum, but the final 30 minutes of the session saw a breakout above $0.0001265, indicating potential for further upside.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed into bullish alignment in the late evening, reinforcing the short-term upward shift. The 50-period moving average currently sits at $0.0001255, near the closing price, suggesting potential for continued strength in the near term. Longer-term daily moving averages (50/100/200) are not available for the WCTBNB pair, but would typically be used to assess medium-term directional bias.

MACD & RSI

MACD crossed into positive territory during the late evening, aligning with the price breakout. RSI reached 62 at close, indicating moderate bullish momentum, but not yet overbought. The divergence between RSI and price in the early morning suggests a temporary pause in upward momentum, though a strong close reconfirmed short-term strength.

Bollinger Bands

Volatility expanded sharply during the late evening and early morning as price moved from $0.0001217 to $0.0001399. At close, price sat just below the upper Bollinger Band at $0.0001268, suggesting heightened risk of reversion to the mean or consolidation. The widening bands indicate increased market participation and potential for further directional movement.

Volume & Turnover

The largest volume spike occurred in the 21:30–21:45 ET timeframe, where nearly 14,000 units changed hands at a high of $0.0001399. This was followed by a sharp reversal and lower volume in the early morning, suggesting possible exhaustion in the upward move. Turnover was most active during the breakout and consolidation periods, with a peak of $0.0017 in a single 15-minute window.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 24-hour swing from $0.0001217 to $0.0001399, price closed near the 61.8% level at $0.0001324. This suggests a potential pullback target near $0.0001272–$0.0001280 in the coming 24 hours. Shorter-term 15-minute retracement levels also supported the consolidation near $0.0001259, indicating a possible near-term pivot point.

Backtest Hypothesis

A backtest using the "Bullish Engulfing" candlestick pattern would require confirmation of the correct trading symbol (e.g., "WCT/BNB" on a specific exchange) to ensure accurate data retrieval. Once confirmed, the strategy would involve identifying the pattern dates, entering a long position at the close of the engulfing candle, and holding for 5 days. This approach would be evaluated from 2022-01-01 to the present. The success of such a strategy would depend on the accuracy of the pattern and the liquidity of the WCTBNB pair during the test period.

Looking ahead, WCTBNB may attempt a test of the $0.0001265–$0.0001270 range in the next 24 hours, with a risk of consolidation or pullback if volume fails to confirm further strength. Investors should watch for a break above $0.0001275 or below $0.0001255 as key directional signals.