#WalletConnect
Overall Sentiment: Mixed, with a bullish bias on the 4-hour timeframe but a bearish bias on longer timeframes. The price is currently in a consolidation phase after a strong rally in late July and a recent drop. It's trading within a key support and resistance zone, and its price is below the 50-day moving average on some charts.
Long Trade:
Entry Idea:
Conservative: Look for a confirmed retest and bounce from the stronger support zone around $0.3150 - $0.3170.
Aggressive: A sustained break and close above immediate resistance at $0.3250 - $0.3300 with strong volume could signal a continuation of the rally.
Targets:
Short-term: $0.3300 - $0.3350
Mid-term: $0.3400 - $0.3500
Potential stretched target: $0.3700 - $0.4000 (retest of previous highs).
Stop-Loss (example): Below $0.3100 or $0.3000 (depending on entry and risk tolerance).
Short Trade:
Entry Idea: If WCT fails to hold the $0.3150 - $0.3170 support and breaks down convincingly, or if it retests $0.3250 - $0.3300 and is rejected with strong bearish confirmation.
Targets:
Short-term: $0.3100 - $0.3150
Mid-term: $0.3000 - $0.3050
Stop-Loss (example): Above $0.3300 or $0.3350.
Key Support & Resistance Levels:
Resistance: $0.3250, $0.3300, $0.3400, $0.3500
Support: $0.3150, $0.3100, $0.3000
