WalletConnect Still in a Long-Term Downtrend but Testing Short-Term Recovery

On the 1D chart, $WCT continues to trade within a descending channel since its peak near $1.50. The price is currently around $0.315, attempting to bounce from the mid-range of the channel.

Despite the broader bearish trend, recent price action shows signs of accumulation, and if buyers manage to break out of this channel, a trend reversal could begin.

📊 Key Levels to Watch:

Immediate support: $0.305 – Must hold to avoid further downside.

First resistance: $0.330 – Breakout target for short-term traders.

Major resistance: $0.360 – Could trigger a stronger recovery if breached.

Bullish Scenario (if breakout above $0.330):

TP1: $0.345

TP2: $0.360

TP3: $0.390

❌ Invalidation: Daily close below $0.305.

🔻 Bearish Scenario (if rejection at $0.330):

TP1: $0.300

TP2: $0.280

TP3: $0.250

📌 Bias: Bearish long-term, but watching closely for a breakout attempt from the descending channel.

#WalletConnect $WCT @WalletConnect