Okay, here is the review of the WCT/USDT Chart
š WCT/USDT Chart Conditions (1H timeframe)
ā Main Trend:
Currently, WCT/USDT is in a fairly sharp downtrend.
This is evident from the consecutive red candles + the MA/EMA (10/10) yellow and green trending down ā no strong reversal signs yet.
ā Important Support & Resistance:
Support: Around 0.30 ā the price is approaching this area and is moving sideways slightly.
Resistance: 0.3485 (green MA), 0.3462 (yellow MA), then 0.4896 (upper resistance).
ā RSI:
RSI is below level 30 ā already in the oversold area.
There is potential for a technical rebound/relief rally, but no confirmation of reversal yet.
ā Volume:
Volume is relatively small and flat ā buying interest is still low, the market is in a wait-and-see mode.
ā Order Book (Square/Depth Market):
Bids are slightly stronger (54%) compared to asks (45%).
However, the spread is thin, indicating the market lacks strong buying/selling pressure.
ā ļø Analysis
Square/bid-ask balance: buyers are trying to support the price at 0.3090ā0.3095, but seller pressure above this price is still quite large.
Short-term potential: likely to move sideways in the range of 0.30ā0.32 before a strong break occurs.
Bullish confirmation needed: volume spike + price able to break > 0.35 with sustain.
