thecoinrepublic.com
- 1 WOO’s price is currently trading at $0.1641 with a 0.41% gain in the 24-hour trading volume.
- 2 WOO price is down by 26.67% over the last 24 hours.
- 3 A favorable reversal may be demonstrated in the chart in the near future.
WOO price recently saw a severe decline in value after breaking below the 100 EMA support level on the daily timeframe. The long red candles denote the confidence of the sellers in the present market. It is currently making a descending flag and pole price pattern which is often observed before a bullish recovery.
The flag and pole pattern signify the correction phase in a bullish up-trending market which often results in a bullish breakout. However, the WOO price is trading sideways, it is steadily reaching its previous support level on the daily timeframe.
The price of WOO currently displays a bearish red candle which implies a substantial presence of sellers in the market. It is approaching the demand zone which may encourage the buyers to step into price action.
The current value of the WOO token is $0.1641 and it has a market cap of $279.78 Million.
Investors Showing Bullish Optimism
Investors seem to be a little hesitant regarding the growth of WOO tokens. According to LunarCrush, a major drop of 61.03% in total bullish sentiment has been observed.
The average social dominance level is also seeing a depreciation of 60.08%, suggesting that the community is not taking interest in the token.
The 24-hour trading volume is observing a slight appreciation of 0.48%, indicating that buying and selling activity among investors are on the rise.
Technical Analysis of WOO Price on Daily Chart
The RSI line is currently trading close to the oversold after crossing 14 SMA below. The RSI line is moving near 28.54 points and the 14 SMA is providing resistance to it at around 41.02 points.
The %K line in stochastic RSI is yet to give a positive interception to the %D line near the demand level. The stochastic RSI has approached the demand zone suggesting that the price can take a positive reversal.
Conclusion
The price of WOO is currently moving below the major EMA and MA levels. Investors looking at the WOO tokens are witnessing an abrupt increase of bullish sentiments. According to the price action, investors can expect a further decline in the value of the token before it makes a recovery.
Technical levels
Support – $1.100 and $1.000
Resistance – $1.500 and $2.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.