WOO Price Analysis: Is the WOO Price Giving a Bullish Signal?

• The price of WOO token is trying to break out from the bearish trendline.
• It is trading at $0.178 with a surge of 1% in the last 24 hours.
• The token is down by 92.7% from the all-time high.

The present scenario of the token shows that it has been in a downtrend for some time. Earlier in July, The price touched the resistance level of $0.26 and was rejected. After getting below the 50-day EMA, the price got bearish and went down to the support level of $0.145. It has also recorded a negative ROI of 20.8% in the last 3 months.

It has marked an all-time high of 16th Nov 2021 where the token was priced at $2.48.

The token is presently trading with a hike of 42.2% in the trading volume in the last 24 hours. 

It has a current market cap of $312.54 Million. The circulating supply of the token is 1.75 Billion WOO, which is 77.77% of the total supply. The 24-hour trading volume of the token is $5.20 Million.

Sentiment Analysis 

The total market volume of the token has declined by 17.81% in a week. Total social engagements have increased by 16.5% and the total bullish sentiments have surged by 47.23%. Overall sentiments indicate a bearish move as the volume of the token is on the negative side. It is the main aspect that has to be positive for an upward move in the price. 

Technical Analysis Of WOO ( Daily-1D ) 

The chart shows that the price went down to the support zone of $0.145 to $157. The price took support from there and tried to move up but got rejected from the 50-day EMA. In the second attempt, the price crossed above the 50-day EMA and sustained. 

Presently, the price is trying to give a breakout from the bearish trendline. If the price breaks the trendline, it can reach a $0.19 resistance level. Also, the price can break the resistance of $0.19 if the inflow of volume increases, and then the price can reach $0.21. 

However, If the price gets rejected from the trendline and falls below the 50-day EMA, it can again fall to the support zone of $0.145 to $157. The price can once again take support from the 50-day EMA and try to break the trendline if it gets rejected.

What Indicators Say About WOO Price

Relative Strength Index (RSI)

The RSI line is presently moving at 55.68 points and the SMA 14 is moving at 53.69 points. Both are above the neutral level of 50. The RSI indicates a buying activity going on in the market of the token, which shows an upward movement in the price.

Moving Average Convergence/Divergence (MACD) 

The fast blue line moving average will soon cross above the red slow line moving average. The histogram shows a little hike in the volume as compared to previous volumes. Its daily volume has started to rise which is a sign of an upcoming bullish move.

WOO LIVE CHART

Conclusion

The overall analysis of WOO price shows that the token can be bullish. The daily volume has started to increase and the price has also crossed above the 50-day EMA. It is also trying to give a breakout from the bearish trendline, which is a sign of an upward move in the price. 

Technical Levels

• Support Level: $0.145 to $157 and $0.112
• Resistance Level: $0.19 and $0.21

Disclaimer: 

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