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📉 WCT Drops 5.6% — What’s Going On?
WalletConnect Token (WCT) has taken a hit, falling 5.6% in 24 hours. Let’s break down why:
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🔍 TL;DR
🪂 Airdrop Profit-Taking: After recent incentives for Solana users (Jupiter airdrop), many traders are cashing out.
📉 Low Liquidity: Trading volume dropped by 34%, showing less interest and fewer buyers.
🧱 Bitcoin Dominance: BTC now controls 64.6% of the market, making it harder for altcoins like WCT to shine.
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🔬 Deeper Look
1. Airdrop Hangover
WCT saw a short-term boost after the June 13 Solana airdrop, but now it's following a familiar pattern: price surges → traders sell → price drops.
Volume is drying up fast (just $24M traded), meaning fewer people are speculating on it for now.
2. Bearish Momentum
📊 Price is trading below key averages: $0.302 vs 7-day ($0.318) & 30-day ($0.364).
📉 RSI at 40.46 — not oversold yet, but still weak.
🌀 Holding just above critical Fibonacci support. Next key level: $0.28.
3. Altcoin Chill
🔐 BTC dominance is rising, and that usually pulls attention (and money) away from altcoins.
🧠 Fear & Greed Index is neutral (55), favoring safer bets like Bitcoin right now.
🔗 WCT is moving in sync with BTC (correlation: 0.78), meaning if Bitcoin dips, WCT likely follows.
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🧭 What’s Next?
WCT is under pressure due to a combo of selling, weak liquidity, and the current Bitcoin-heavy market environment. It might find support near $0.28–$0.29. But for real upside, it needs fresh catalysts.
👀 Eyes now turn to Q3 2025 governance upgrades — could they spark a new wave of user activity and demand?
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#WCT #WalletConnect #Altcoins #BitcoinDominance #CryptoMarket #BinanceFeed $#CryptoNews
