August 22
The WalletConnect Token ($WCT ) has fallen by 3.37% in the last 24 hours, which is worse than the overall cryptocurrency market (-1.75%). Over the past 7 days, the decline has been 7.64%, and over 30 days — 18.33%, indicating continued pressure from sellers. Main reasons:
Profit taking after the listing — investors realized profits after the launch of WCT on the Optimism network on Coinbase (August 14).
Technical breakdown — the price fell below important support levels amid bearish sentiment.
Overall decline in interest in altcoins — amid the rise of Bitcoin dominance to 58.69%, altcoins are showing weakness.
The price of $WCT has dropped below the 7-day simple moving average (SMA) at $0.314 and the 30-day exponential moving average (EMA) at $0.325. The 7-day relative strength index (RSI) stands at 39.52, indicating bearish sentiment. The MACD histogram (-0.0018) confirms the weakening of buying pressure.
What this means: Traders closed positions after WCT failed to hold in the range of $0.31–$0.33. Fibonacci retracement levels show the next support around $0.309 (78.6% level). A close below $0.30 could lead to further declines.
