August 22 $WCT
Technical Analysis
The MACD indicator shows bearish momentum, but the histogram is beginning to flatten, indicating a slowdown in the downward trend.
The RSI is around 43.45, which does not indicate oversold conditions, meaning there is potential for further growth.
The price remains above the 7-day moving average ($0.3144), serving as a support level.
Fibonacci levels indicate resistance around $0.34578 — the price may approach this level, stimulating trader activity in anticipation of a breakout.
Trading volumes and market trends
In the last 24 hours, the trading volume of WCT has increased by 29.25% to $39.2 million. Increased volumes often accompany price movements and indicate heightened interest in the asset. Moreover, the overall cryptocurrency market has risen by 4.87% over the day, and the Altcoin Season index has climbed to 48, indicating a flow of funds into altcoins. This creates a favorable backdrop for WCT's growth.
WalletConnect continues to strengthen its position as a key Web3 infrastructure, providing a connection between wallets and decentralized applications (dApps). The improvement of the project's fundamental indicators contributes to a positive perception among investors. There is optimism in the community on platforms like CoinMarketCap, with users discussing possible price targets, such as $1, which may stimulate purchases.
As a result, the price increase of WCT over the last 24 hours is due to a combination of factors: the continuing effect of the listing on Coinbase, a technical recovery after the correction, increased trading activity, and an overall positive sentiment in the altcoin market. Although there are no direct news stories in the last 24 hours, these elements together create favorable conditions for the token's growth.