The market sentiment for the WalletConnect Token (WCT) in the very short term is bearish, with indicators showing weakness, despite the Crypto Fear & Greed Index indicating 65 (Greed) for the overall market.

Currently, the price of WCT hovers around 0.37 USD, with a 24-hour trading volume of approximately 105.8 M USD and a decline of -5.55% during the period.

Forecast for the next few hours

1. Immediate resistances

~0.40 USD: psychological level and close to the low of the previous day, where there is selling from very short-term traders.

~0.42 USD: area that coincides with local tops formed earlier in the week.

2. Key supports

~0.35 USD: bottom of the sideways channel observed since yesterday, location for buy orders.

~0.33 USD: recent historical low (ATL of April 15, 2025) that may hold larger declines.

3. Very short-term technical indicators (1-hour chart)

Moving Averages (MA): “Strong Sell” rating on TradingView, suggesting a bearish bias.

Oscillators: “Buy” rating from the same oscillators, indicating oversold conditions and potential reaction.

RSI: in neutral to slightly oversold zone (around 40–45), still with room for retracements before reacting.

4. Risks and alerts

A decisive loss of support at 0.35 USD with increased volume could drive the price down to 0.30 USD.

Sharp moves in the crypto market (regulatory news or large fund outflows) may accelerate the bearish bias.

Summary: WCT operates under a very short-term bearish bias but finds support at 0.35 USD. Only a sustained recovery of buying volume above 0.40 USD could signal a reversal and test 0.42 USD in the next few hours.