- Woo network is currently trading at $0.2991 with a decrease of -2.48% during the intraday session.
- Woo price is above 20,50,100 and 200-day EMAs on a daily basis.
- Woo price is headed towards the immediate major resistance of $0.3320 level.
Woo price recently corrected the bullish move by dropping approximately 32% from the high of $0.35 level. The price recently broke out from the consolidation zone ranging between $0.2450 and $0.2980. The candle of May 5 closed above the consolidation zone showing bullish momentum in the market. Woo network price is headed towards the immediate resistance of $0.3320 level.
On a weekly basis, the price has gained approximately +13.96%. Today’s candle, however, is bearish and is trying to reenter the consolidation. This move could retest the zone if the candle can close above the consolidation.
Previously, the crypto currency market saw a net inflow of $22.6 billion over the 24 last 24 hours and was standing at $1.20 Trillion, up 1.9% from $1.8 Trillion. All the top 10 cryptocurrency showed gains over the 24 hours and managed to stay in green. Woo price recorded gains of 12.6% over the last 24 hours and breaking out from the consolidation zone. The price is also trading above 20,50,100 and 200-day EMAs indicating strong bullish momentum.
Moreover, there has been a significant increase in the accounts holding Woo token. The increase was approximately 24% during the first quarter of 2023 showing a good start of year for Woo Network. Recently, WOO-USDT perpetual markets were launched on OKX, kraken, BingX and huobi with its spot and perpetual markets available on most centralized exchanges. This move was intended to Woo networks goal of becoming the most liquid exchange token.
On condition that the bullish momentum stays in the market, there is higher probability for the price to retest annual highs of $0.3500 level and potentially break it to head towards $0.3900 level. The Woo network’s first quarter progress saw it gain 33.65% in price in the past 30 days. The current formation of symmetrical triangles on a daily basis resulted in the breakout as price squeezed for the last 20 days.
Woo network Technical analysis:
RSI trades at 58.17 indicating bullishness in the market. Woo price received rejection from the upper band of bollinger showing possibility of pullback. Price is headed towards the 20-day SMA. The chaikin money flow score is -0.14 shows weakness in the market because of the bearishness price has shown in the last 30 days.
Conclusion:
The price escaped the symmetrical triangle pattern and moved to target $0.3320 level if bullish momentum prevails in the market. The market structure and price action has turned bullish for the price but if the current candle is able to break below the previous candle, the price might enter the consolidation zone again.
Technical levels:
Major support: $0.2055 and $0.2450.
Major resistance: $0.3320 and $0.3900.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.