WOO Coin Price Prediction: Is a Bullish Trend Approaching?

• The WOO coin price recently gained 3.98% after it gave a breakout from its narrow range.
• The coin has shown signs of a bullish reversal.

WOO Network is a liquidity network. It allows traders, exchanges, and institutions to access the best-in-class liquidity and trading execution at a lower cost.

WOO Coin Technical Analysis

On the 1-day chart, the price has recently given a breakout of the falling channel and has gained 7.89% in the last 15 trading days. Currently, the coin is trading at $0.1729 with a trading volume of $7,389,617. The coin’s current market capitalization is valued at $302,767,351 and it has a current circulating supply of 1,753,873,446 WOO coins.

In the past 24 hours, the coin price has increased by 3.98% while giving the breakout from the narrow range between $0.1681 and $0.1629. 

The price has shown many signs of reversal such as the breakout of the falling channel. Additionally, the price has taken support from the $0.1430 level and formed a bullish reversal candle called ‘hammer’. It also gave a breakout of the range it was in after it initiated a bullish rally. These are the signs indicating that a bullish rally is approaching.

The price is under the control of the buyers right now and it can test the $0.1925 resistance level. If the price also breaks past this level, then its next resistance level is at $0.2065.

However, if the breakout of this narrow range turns into a fakeout then the price would fall to its support level at $0.1430.

Technical Indicators on the Current Trend

The WOO coin price trying to reach above the 50-EMA. If the price closes above the 50-EMA, then it may rise to test the 100-EMA.

The RSI has also crossed above the 50 levels. This indicates that the price is under bullish sentiment and the buyers have room on the upside to make the price rise.

The long/short ratio of WOO shows that the long positions are placed more than the short positions in the last 24 hours. The long positions placed are 51.88% while the short positions are 48.12%, with a long/short ratio of 1.0781%.

Conclusion

The sentiment on the WOO coin price has shifted to a bullish sentiment recently. It has shown many signs of reversal on the 1-day chart: first, the formation of a hammer candle at the support; second, the breakout of the falling channel; third, the breakout of the narrow range. Indicators are also pointing towards an increase of the coin price in the upcoming days.

Technical levels

Resistance Levels: $0.1925 and $0.2065.

Support Levels: $0.1430.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.