WCT’s daily chart reveals a descending triangle forming since the April 15 Gate.io listing, with resistance at $0.36 and support at $0.3149 (X post). The price is consolidating after a 27% surge post-listing, now trading at $0.4038 with a 24H volume of $342M (CoinGecko). The 50-EMA ($0.38) acts as dynamic resistance, while the 200-EMA ($0.33) offers support. Stochastic RSI is at 30, indicating potential oversold conditions, and a Bollinger Band squeeze suggests an imminent volatility spike. Sentiment is mixed, with some traders eyeing a breakout above $0.36 (X post). Trade Setup:
Bullish Entry: Buy on a daily close above $0.36 with volume >$400M.
Bearish Entry: Short on a break below $0.3149 with confirmation (e.g., bearish candle).
Stop Loss: $0.375 (bullish), $0.335 (bearish).
Take Profit: $0.396/$0.448 (bullish), $0.285/$0.2756 (bearish).
Risk/Reward: ~1:2 (bullish), ~1:1.8 (bearish).
Key Levels:
Resistance: $0.36 (triangle upper trendline), $0.396.
Support: $0.3149, $0.285.
A breakout above $0.36 could target $0.448, driven by WalletConnect’s Web3 adoption (15M monthly connections). Conversely, a breakdown below $0.3149 may accelerate selling, especially if broader market sentiment sours. Monitor volume and BTC correlation.
Deadline: April 25, 2025 (7 days for triangle resolution).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.