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- 1 The WOO crypto has suffered rejection near an upper trendline resistance and halted further moves on the upside.
- 2 Its price was $0.395, recording an intraday drop of 2.01% (at press time).
The WOO crypto price respected an upper trendline resistance and halted the further upside movement. The daily chart shows the formation of bearish, indecisive candlesticks near the trendline resistance, indicating the loss of momentum from the buyers ‘side.
It may invite short-term traders and Investors to execute short positions at a discounted price, keeping the risk above the trendline resistance. If the crypto respects the trendline and proceeds on the lower side with momentum, it may invalidate the chances of breaking out of a correction phase.
If the bears establish their presence near the trendline resistance, it may indicate the resumption of the short-term correction phase.
The buyers have established themselves near the recent swing low at the $0.33 level. If the buyers can defend the support, it may lead to the formation of a descending triangle pattern.
If the buyers fail to hold the price at the recent support and the price breaks below the $0.33 level, it may unlock the price potential to test the lower levels of $0.3 and $0.25 and 200-day EMA.
WOO Crypto Technical Analysis.
From a technical perspective, the WOO cryptocurrency trades high above the critical 50-day EMA, suggesting a neutral to bullish outlook in the short term as per the EMA. The broader term is already positive as the price rests above the 200-day EMA.
When writing, the RSI line was placed at 53.83 points, and that of the SMA line was at 52.86 points, suggesting a positive sentiment.
However, the RSI is headed downwards and is about to make a bearish crossover of the SMA line, indicating a potential reversal in the short term.
WOO Crypto Short Term price Prediction.
As per our Analysts, if the crypto consolidates near the current level and showcases a breakout above the trendline resistance, it may indicate the termination of the correction phase and the initiation of a bullish rally.
The most optimistic view of our analysts assumes WOO crypto price will sustain near the CMP and register a breakout on the daily chart, after which the short-term traders and Investors may target $0.45 and $0.50.
On the flip side, if the price fails to sustain higher and breaks below the $0.33 level, it may create a short-term opportunity on the downside with possible targets at the 200-day EMA and $0.25 level.
WOO Price Forecast 2024
The price forecast for the year 2024 highlights that the WOO token price could reach a high of $0.648, suggesting a potential gain of nearly 64.55%. Moreover, the less optimistic outlook of the analysts hopes the price could reach $0.526 by the year’s end.
WOO Price Prediction 2025
By 2025, the WOO price may attain $0.930 as the highest price. On the flip side, the minimum price up to which the crypto price may rise by 2025 is $0.676.
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.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
