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- 1 WOO Network price surged 9.03% in the last 24 hours and is currently trading at $0.1715.
- 2 WOO Network price showed the breakout of a declining channel pattern over the daily timeframe.
The WOO Network price analysis show shows that the crypto has shown a breakout of a declining channel pattern. The bulls seem to be regaining control of the game. The bears lost the momentum near the $0.15 level after which the price surged with volume indicating the buying pressure from the demand zone.
The daily chart illustrates that the WOO Network price was in a correction phase after it slid down below the key moving average of 50-day and 200-day EMA. The price followed a declining channel pattern and rolled down touching the boundaries of the channel.
Bears declined the price till the previous swing low and lost momentum. Thereafter, the bulls accumulated near the swing low and the price showed a breakout of the channel pattern.
Currently, the price seems to sustaining the breakout and struggling to break above the 50-EMA. The breakout above 50-EMA may result in a shift of trend and the WOO price may experience a short-covering to the upside. The breakout above the $0.17 level may turn the price action positive and the Woo Network price may reach the upper levels.
WOO Network Price Prediction Using Price Action Strategy
The WOO Network currently trades at $0.1715 with a gain of 9% in the past 24 hours indicating the aggressin on the buying side. The price hovers below the 50-EMA; the breakout of which may hike the price to to upper levels of $0.20 and $0.23.
The volume analysis also shows that the WOO received a total volume of $7.6 Million in the past 24 hours. The volume received is 19% more than the last day’s volume. The volume-to-market cap ratio of the Woo Token is 2.63; indicating low volatility in the crypto.
WOO Price Forecast from Indicators’ Point of View
As per the EMA analysis, the WOO price is trading below the 50 and 200-day EMA indicating bearishness prevailed in the crypto. The Price must surpass the 50-EMA to turn optimistic in the short term and long term.
MACD lines have made a bullish crossover. The histogram bars are also being formed above the mean line with increasing height; indicating the optimistic view for the buyers.
Conclusion
The WOO Network price analysis shows that the crypto has broken out of a declining channel pattern and regained some bullish momentum. The price was in a correction phase after falling below the 50-day and 200-day EMA. The price bounced from the previous swing low and broke out of the channel. The price is now struggling to break above the 50-EMA, which may lead to a trend reversal. The price may rise to $0.20 and $0.23 if it breaks above $0.17. The volume analysis indicates low volatility in the crypto.
Technical Levels
- Support levels: $0.153 and $0.127
- Resistance levels: $0.177 and $0.207
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 or stock comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
