In the last 24 hours, the price of $WCT has fallen by 6.36% and is now around $0.315. Let’s try to understand the reasons for this decline.
First of all, it is worth noting the news that Coinbase has added support for WCT on the Optimism network, and trading started or will start on August 14. However, the price drop occurred after this date. There is often the effect of "buy the rumor, sell the news": investors buy the token in anticipation of the listing, and then sell after the official announcement, leading to a short-term price decrease.
Secondly, technical analysis shows that the MACD histogram is positive, and the RSI14 indicator is around the neutral level of 49.9. Fibonacci levels indicate that the current price is close to a resistance level at the 50% mark — $0.34578. If the price failed to break through this level, it could have triggered selling.$WCT
It is also worth considering the overall state of the cryptocurrency market: in the last 24 hours, the total market volume has decreased by 3.49%, and Bitcoin's dominance has slightly increased. Altcoins often follow Bitcoin's trend, so the overall market decline could have affected WCT as well. The fear and greed index is currently neutral