The WalletConnect token ($WCT ) has dropped by 1.58% over the last 24 hours, which is worse than the overall cryptocurrency market (-0.63%). The main reasons are profit-taking after the recent listing on exchanges, technical resistance levels, and mixed sentiment around the tokenomics.

Profit-taking after the listing on Coinbase - traders sold tokens after the launch of $WCT on the Optimism network.

Technical resistance at the $0.35 level - failed breakout attempts have led to a bearish sentiment.

Concerns about the high volume of tokens in circulation - 81.38% of tokens are locked, raising worries about value dilution.

$WCT faced a rebound from the resistance zone around $0.35 (coinciding with the 7-day moving average at $0.3202). Blockchain analysis shows a concentration of large sell orders around $0.3539, and the MACD histogram has turned negative (-0.00149), indicating a bearish sentiment.

Failure to hold above $0.34 has reduced investor confidence. The price is currently testing important support at the $0.3165 level (99-day moving average). A breakout of this level could accelerate selling and lead to a decline to the psychological mark of $0.30.#wct #WalletConnect @WalletConnect