WalletConnect shows signs of short-term recovery after a prolonged correction. On the hourly chart, the price is narrowing its range, indicating a potential breakout. However, there is still a key resistance level that buyers must overcome.
📈 Current picture
Current price: $0.2996
Moving Average 7: $0.2989 (support)
Moving Average 25: $0.2966 (strong support)
Moving Average 99: $0.3016 (still significant resistance)
Since the sharp decline on July 30, the 99 moving average has acted as a "barrier" preventing any recoveries. Currently, the price is just below this zone, while both the 7 and 25 moving averages are trending upward, reinforcing the short-term bullish signal. However, the market still needs clear confirmation before entering a real breakout.
🔍 Key levels to watch
Resistance 1: $0.3016 (moving average 99) - the first gate to confirm the breakout.
Breakout zone: $0.306-$0.31 - If this zone is breached, the likelihood of a sharp increase rises.
Near support: $0.296
Deep support: $0.29 - If this level is breached, the risk of making a lower high increases.
⚙️ Momentum forecast
Bullish scenario: If the WCT token breaches the 99 moving average and settles above $0.305, it is likely to result in slight pressure towards the $0.315-$0.320 area.
Bearish scenario: If the $0.3016-$0.3060 area fails, the price is likely to reverse, forming another lower high, and resume the downtrend. ⏳ Summary: Level $WCT at a technical turning point. A successful breakout above the 99 moving average may pave the way for a rapid increase. Conversely, any further breakdown may reinforce the current bearish trend.@WalletConnect
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