WalletConnect Token (WCT) Analysis

$WCT has plummeted 59% from its May 30 high of $1.39, currently trading around $0.56. The sharp decline, marked by a large red candle on May 31, suggests a classic blow-off top, shifting momentum from bullish to bearish.

Key Levels:

Support: $0.6250 (25-day moving average), $0.40 (mid-May breakout level), and $0.20 (launch base)

Resistance: $0.85-$1.00

Technical Signals:

RSI: Nearing oversold territory, potentially indicating a short-term bounce to $0.70-$0.75

Trend: Still bearish unless WCT breaks above $0.85 and sustains the move

Outlook:

WCT is at a critical pivot point. Traders should monitor support and resistance levels closely, as a breakout in either direction could determine the next move.