- WOO token surges to intra-month high with solid buying momentum.
- Bollinger bands widening indicates increased volatility and potential significant price movement.
- The “Golden cross” pattern suggests a positive trend likely to continue in the short to medium term.
Bulls in the WOO Network (WOO) market have taken control in the past 24 hours, successfully skyrocketing prices from an intra-day low of $0.2204 to an intra-month high of $0.2573. As of press time, WOO was trading at $0.2557, a 15.71% increase.
The market capitalization and 24-hour trading volume increased by 15.86% and 194.20%, respectively, to $431,460,119 and $60,330,423. This growth shows that the WOO token is in great demand and that investors are actively buying and selling it, boosting its total worth and liquidity.
Suppose the positive momentum continues and the $0.2573 barrier level is broken. In that case, the next resistance level may be around $0.2750, which may possibly lead to more buying pressure and a persistent higher trend for the WOO token. However, if the resistance at $0.2573 holds and bearish sentiment takes over, the WOO token may experience a correction and potentially test support levels at $0.2350 or even $0.2200.
WOO/USD 24-hour price chart (source: CoinMarketCap)
On the WOOUSD 4-hour price chart, the Bollinger bands are widening, with the top bar at 0.25456650 and the bottom bar at 0.20503143. This widening suggests increased volatility and the possibility of significant price movement in either direction.
The price action above the upper bar indicates that traders are getting more positive and may continue to drive higher prices. Still, traders should exercise care as a rapid change in attitude might result in a strong reversal.
Furthermore, the Bull Bear Power score of 0.03839325 indicates some bullish pressure in the market but not enough to suggest a distinct trend. This action warns investors to be careful and actively watch the market for any substantial changes in the trend.
WOO/USD chart (source: TradingView)
WOO has reached a new monthly high since the 50-day MA crossed over the 200-day MA early today, creating a “golden cross” pattern. The 50-day moving average was at 0.21914262 as of press time, while the 200-day moving average was at 0.20886455, indicating that the positive trend is likely to continue in the short to medium term, and traders may wish to consider buying on dips for possible profits.
As seen by the price’s movement above both moving averages, strong purchasing momentum may entice additional buyers and drive the price higher. Still, traders should be vigilant for any negative indications that may halt the upward trend.
The present bullish momentum in WOO is strong, as shown by the Relative Strength Index reading of 75.69, and may continue in the near future. Still, traders should be wary of overbought situations that might lead to a drop or consolidation.
WOO/USD chart (source: TradingView)
WOO token surges to a monthly high, supported by increased demand and positive technical indicators, but traders should remain cautious of potential corrections.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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