This is a 5-minute candlestick chart of the WCT/USDT perpetual futures trading pair. Let’s break down the technical analysis based on what’s shown:
Ticker: WCTUSDT (Perpetual Futures)
Interval: 5-minute candles
Indicators: SMA 9 (Simple Moving Average): 0.3229667
Volume SMA 9: 4.053K
Current Price: 0.3239000 USDT
Price Action: The chart shows a strong bullish trend in the last few hours. The price has been making higher highs and higher lows — classic uptrend structure.
Noticeable volume spike accompanies the move up, which typically validates the strength of the trend.
Support and Resistance:
Immediate Resistance: Around 0.3241 (tested twice; latest candle slightly rejected).
Immediate Support: Around 0.3220 (previous resistance, now turned support).
Stronger Support Level: Around 0.3197 (horizontal support visible on the right).
Candle Behaviour:
The most recent candle shows a small upper wick, indicating some selling pressure near the 0.3241 resistance zone.
If the next few candles fail to break above it, a short-term pullback or sideways consolidation could follow.
Conclusion:
Bias: Bullish, unless price breaks below 0.3220 and closes with momentum.
What to watch: A clean breakout above 0.3241 with strong volume = continuation of uptrend.
Failure to break = possible pullback to SMA or 0.3220 area.
Strong rejection = test of 0.3197 support.
