📉 $WCT – RSI in Oversold Territory, But Buy Pressure Building
WalletConnect Token ($WCT) is currently trading at $1.0261, with a 24-hour trading volume of approximately $1.44 billion.
📊 Technical Indicators:
RSI (6): Around 30, indicating oversold conditions.
Price Action: Recent consolidation near the $1.00 level.
Volume: Increasing buy pressure observed.
The current RSI suggests that $WCT is in oversold territory, potentially signaling a buying opportunity. However, the recent price consolidation indicates a possible cooldown phase after a previous pump.
🔮 Price Outlook:
Immediate Support: $1.00
Resistance Levels: $1.10, $1.20
Potential Upside: If momentum continues, $WCT could test the $1.20–$1.30 range.
⚠️ Risk Management: Given the current market conditions, it's advisable to set a tight stop-loss around the $0.95 level to mitigate potential downside risks.
📈 Conclusion: While WCT shows signs of increased buy pressure, it's essential to wait for confirmation before entering a position. Monitoring volume and price action will be crucial in determining the next move.