WalletConnect Token ($WCT ) has dropped by 2.23% to $0.30 in the last 24 hours, worse than the overall crypto market (-0.35%). Main reasons:
Sales after listing - profit taking after the integration of WCT into the Optimism network launched on Coinbase on August 14.
Technical weakness - the price fell below key moving averages ($0.315 support) amid a strengthening bearish trend.
Low liquidity - daily trading volume decreased by 9% to $27.7 million, exacerbating the decline in a thin market.
The drop in WCT is linked to profit taking after listing and the overall weakness of altcoins, worsened by technical breakdowns. Despite being oversold, it is critical to hold the $0.315 level to stop the decline.
What to watch: will WCT hold the support at $0.30 with declining trading volume, or will Bitcoin's dominance push the price to a yearly low? #wct #WalletConnect @WalletConnect
