This is the 1-hour K-line chart for today’s #WCT
To get straight to the point: the current WCT price is hovering around $0.5431, but the market looks a bit shaky. From the chart, the price plummeted directly from $0.5992 in the morning, dipping as low as $0.5024. This drop was accompanied by significant volume, showing a transaction of 1.29 million coins, with the estimated trading volume reaching 1.89 million coins, indicating that capital is fleeing.
Although the price has rebounded to $0.5431, I feel this rebound is somewhat weak. The MACD indicator shows the DIF line at -0.0056 and the DEA line at -0.0102, which have just formed a golden cross. The MACD histogram is at 0.0093, indicating that the bulls are attempting a counterattack, but the strength is insufficient.
The KDJ indicator is even worse, with the K line at 52.89 and the D line at 64.73 having already formed a dead cross, while the J line at 29.23 has turned downwards, which usually suggests further declines. Regarding the moving averages, the MA7 is at 0.5477 and the MA30 is at 0.5416, with the short-term moving average just crossing above the long-term moving average. However, the EMA7 is at 0.5448 and the EMA30 is at 0.5537, indicating that the exponential moving averages have not yet formed a golden cross, suggesting that the trend has not reversed.
Xiao Feng's opinion: The current position of WCT is a bit awkward, with pressure above and support below. However, considering today’s volume spike and drop, I believe the bearish momentum has not yet fully played out, and it’s likely to test lower levels again. The initial support to watch is the $0.5 round number; if this level cannot hold, we might need to look for support around $0.48.
Of course, if there is a significant volume breakout above $0.55 in the evening, there might still be a chance, but the probability is low. In summary, now is not the time to go heavy; playing lightly or waiting for clearer direction before taking action is more prudent.
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