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.
