- WCT broke out of a symmetrical triangle pattern, triggering a 60% price increase.
- Key resistance lies at $0.6541, with $0.4969 acting as strong support.
- Sustained momentum could push WCT toward a short-term target of $0.64
WalletConnect Token (WCT) is demonstrating strength in the last few periods as the coin has increased by more than 60% from its consolidation phase with indications of further gains. The token has recently broken out of a symmetrical triangle, a move that has reignited interests from technical analysts and market watchers on the asset. So far, WCT is currently trading at $0.5578, an increase of 11.1% over the past 24 hours.
Breakout Signals Possible Trend Continuation
Since mid April, a symmetrical triangle pattern had been forming in the 4-hour chart with the confluence of support and resistance lines. WCT later breached above the descending trendline on May 8th, indicating that consolidation may be over and the bullish trend would emerge. The breakout occurred with higher trade volumes and strong bullish momentum sustaining the breakout.
Such patterns are known to precede major price moves, with WCT natural rally gaining 60% being in this expectation. The breakout range spanned from approximately $0.33 to $0.53 before WCT briefly pulled back and resumed upward movement. The current price sits well above the support level of $0.4969, a zone that may now act as a base for further upside if maintained.
Key Resistance and Support Levels
While the token’s near-term trend appears bullish, resistance lies ahead. WCT is approaching the $0.6541 mark, which is being monitored as the next significant resistance level. A break above this threshold could potentially pave the way for a move toward $0.64, a target noted by some technical models measuring the triangle’s height.
Conversely, failure to maintain the current momentum could lead to a retest of support around the $0.4969 level. Sustained trading below that point might invalidate the breakout scenario, turning focus back to earlier consolidation levels.
Outlook and Market Sentiment
Although WCT has demonstrated strong price action, the broader market context remains a factor. The token’s rise comes amid increased interest in altcoins and a more active trading environment. However, given WCT’s relatively lower market cap rank (#502), volatility should be expected.
At present, market participants appear to be watching WCT closely to determine whether the breakout can sustain further gains or if short-term exhaustion might occur.
