WCT Token Price Spikes Before Reversal

The WCT/USDT pair on Binance saw a 24% surge on May 14, 13:00, reaching a high of $0.6658 before encountering selling pressure. The token price then pulled back by 7%, trading at $0.6007 at 13:38.

The token displayed strong upward momentum earlier in the session, but sellers appeared to emerge near the peak, triggering a notable downturn.

WCT Token Price Spikes Before Reversal

The price action began with a steep rally that pushed WCT well above the 50-period Exponential Moving Average (EMA), which currently stands at $0.4678. This moving average has acted as dynamic support during the recent uptrend that started around May 7.

As the rally accelerated, WCT crossed $0.53 and continued climbing before hitting resistance just below $0.67.

The Relative Strength Index (RSI), a momentum indicator, peaked at 68.98—close to the overbought threshold of 70. This signal suggests that the recent price surge may have stretched too far, too fast. When RSI approaches or crosses above 70, it often indicates that buyers are losing strength.

Meanwhile, the RSI has started to slope downward again, showing a potential momentum fade. This aligns with the intraday rejection at the local high and supports the idea of temporary cooling in the rally.

Despite the pullback, the trend remains bullish in the short term. WCT is still trading well above the 50-period EMA, and the higher lows pattern is intact. However, the rejection at $0.6658 and the RSI nearing overbought territory point to a possible consolidation or minor correction phase.

If WCT holds above the $0.53–$0.55 support range, the uptrend may resume. A close below this zone could signal the start of a deeper retracement. For now, bulls control the larger trend, but they need to defend support as selling pressure builds near the recent high.

WalletConnect Unlocks Token Transferability, Expanding WCT Utility

On April 15, WalletConnect announced the activation of full transferability for its native token, WalletConnect Token (WCT), a crucial step in the platform’s decentralization roadmap.

Announced in a blog post, transferability for WCT is now active, enabling holders to freely transfer the token between different wallets and exchanges.

Previously, WCT was non-transferable, enabling existing holders to participate in staking and governance but limiting them from trading the token or transferring it directly. This strategy was employed to stabilize the network during its early phases and prevent rapid price fluctuations.

However, the platform is continuously evolving toward a more decentralized structure, with community feedback and input playing a critical role. In anticipation of this transition, a community vote was held to finalize the activation of WCT transferability.

The transition to transferability follows a period of community discussions and a governance vote, reflecting WalletConnect’s commitment to decentralized decision-making. It is part of broader efforts to expand the token’s utility beyond its roles in governance, staking, and network participation.

The WCT token is used for multiple purposes within the WalletConnect ecosystem. It is used to charge network services, with token holders voting on the level of fees to be applied.

The token is also distributed as a reward to incentivize community members for their participation in securing and expanding the network.

Moreover, participants can choose to stake their WCT to passively earn additional tokens and actively participate in governance. This includes voting on proposals that will influence the future development of the WalletConnect protocol.

Initially, the total supply of WCT is capped at 1 billion tokens, with 27% allocated to the WalletConnect Foundation for ongoing development and administrative expenses. Another 18.5% is reserved for airdrops to existing cryptocurrency users and community members. A significant portion, 17.5%, is allocated to a long-term reward program to incentivize community participation.

As WalletConnect continues to evolve toward its vision of a decentralized and interconnected Web3, the activation of WCT transferability marks a significant milestone in expanding the token’s role and engaging the community in the platform’s future.