The WalletConnect token ($WCT ) has fallen by 3.18% to $0.301 in the last 24 hours, which is worse than the overall cryptocurrency market (-1.49%). This decline is associated with negative technical signals, risks of increased supply, and weak sentiment towards altcoins.
Technical analysis – the price has dropped below key moving averages, indicating a bearish trend.
Supply risks – high circulating volume (186 million out of 1 billion) and possible unlocks raise concerns.
Overall market pressure – Bitcoin's dominance has risen to 58.65%, reducing the liquidity of altcoins.
The fall of WCT reflects technical weaknesses, concerns about increased supply, and a shift in investor interest towards Bitcoin. The recent integration with Coinbase Optimism (announced on August 14) adds utility, but liquidity conditions and unlock schedules remain key factors.
What to watch: will $WCT hold the Fibonacci support level at $0.282, and will staking activity offset the selling pressure from concerned holders? Keep an eye on the Altcoin Season Index for a better understanding of the overall situation in the sector.
