WalletConnect Token Market Overview: Sharp Correction into 24-Hour Close

• WalletConnect Token (WCTUSDT) fell from 0.3507 to 0.3160, forming a sharp bearish trend with multiple breakdowns.
• A 25%+ decline in price was confirmed by increasing volume and bearish engulfing patterns in key hours.
• RSI is oversold near 25, while MACD remains negative, indicating potential for consolidation or further bearish momentum.
• Volatility expanded significantly during the early hours, with a massive 15-minute candle showing 33.6% drop in price.

WalletConnect Token (WCTUSDT) opened at 0.3409 at 12:00 ET–1 and closed at 0.3160 at 12:00 ET, reaching a high of 0.3507 and a low of 0.3142. Total volume across the 24-hour period was 17,717,432.4, and notional turnover was approximately $5,678,129.3 (using 24-hour average price).

Structure & Formations

The 15-minute chart shows a sharp bearish breakdown starting at 19:45 ET–1, where a massive candle with 33.6% price drop and high volume confirmed a key bearish reversal. This was followed by a continuation of selling pressure through early ET morning, forming multiple bearish engulfing patterns. A possible support level appears to be developing near 0.3142, where price found a temporary floor.

Moving Averages

On the 15-minute timeframe, price has remained below both the 20- and 50-period moving averages, reinforcing the bearish momentum. While the daily chart does not support a clear long-term trend, the 50/100/200 MA alignment suggests no immediate reversal signal.

MACD & RSI

The RSI has fallen into oversold territory, hovering around 25, which may suggest a potential short-term bounce. However, the MACD remains in negative territory with bearish divergence, signaling that downward momentum could continue.

Bollinger Bands

Volatility expanded sharply during the large 19:45 ET–1 candle, with price breaching the lower band by a significant margin. The bands have since contracted slightly, indicating reduced volatility and potential for a consolidation phase.

Volume & Turnover

Volume spiked during the 19:45 ET–1 to 00:15 ET session, confirming the bearish breakdown. However, price has continued to fall without a proportional increase in turnover after 04:00 ET, suggesting that momentum may be waning.

Fibonacci Retracements

Applying Fibonacci to the 0.3507–0.3142 swing, price currently hovers near the 61.8% retracement level (~0.318–0.321), which may serve as a short-term resistance barrier. A break above this level could attract near-term buyers.

Looking ahead, WCTUSDT may test the 0.3142 support for stability or face a potential pullback toward 0.320–0.325. However, traders should remain cautious of further downside risk if key support levels fail, especially with the market still in bearish momentum.