WOO Network (WOO) has experienced a massive price spike, with the token hitting a year high $0.34 earlier in the week. During this period, WOO has pumped by 50%, making it the highest gainer among the top 100 coins based on market cap.
This rally has unsurprisingly sparked excitement and discussion within the crypto community about the future price of the token. The question on everyone’s lips is whether WOO’s recent rally will continue or is a price correction imminent.
WOO Network (WOO) Currently On A Massive Bull Run
WOO Network has witnessed a price surge in the past 24 hours, with Coinmarkecap reporting a price of $0.3172 per token. This represents a 3% increase in value during that period.
Over the past seven days, WOO has experienced growth, with a 53% rally in price. The market capitalization and trading volume have also experienced significant rally, up by 23.1% and 90.20%, respectively, reaching $549,520,609 and $112,479,056. This indicates high demand and active trading of the WOO token, boosting its overall value and liquidity.
Related Reading: Bitcoin Miners Are Still Under Pressure – Here’s Why
If the positive momentum continues and the $0.28 resistance is breached, the next resistance level could be around $0.34, potentially leading to further buying pressure and an upward trend for the WOO token. However, a failure to break the resistance at $0.28 decisively could result in a correction, and the token may test support levels at $0.2350 or even $0.2200 if bearish sentiment prevails.
WOO Price Chart Analysis Shows Increased Volatility
On the WOOUSD 4-hour price chart, according to TradingView, the Bollinger bands are widening, with the top bar at 0.25456650 and the bottom bar at 0.20503143, as of 13th of April. This suggests an increase in volatility and the potential for significant price movement in either direction.
The price action above the upper bar indicates that traders are becoming more positive and may continue to drive prices higher. However, caution is advised as a rapid change in sentiment could result in a strong reversal. Additionally, the Bull Bear Power score of 0.03839325 indicates some bullish pressure in the market but not enough to suggest a clear trend. This serves as a warning for investors to be cautious and actively monitor the market for any significant changes in the trend.
WOO has surged to a new monthly high after the 50-day moving average (MA) crossed above the 200-day MA, forming a “golden cross” pattern. The 50-day MA stands at 0.21914262, while the 200-day MA is at 0.20886455, indicating a positive trend that may continue in the short to medium term. Given the upward momentum, traders may consider buying on dips for potential profits.
Related Reading: Cybersecurity Firm Warns Of Uniswap Phishing Scam Spreading False Exploit Information
The price’s movement above both moving averages suggests strong purchasing momentum, likely attracting more buyers and driving the price higher. However, traders should remain vigilant for any negative signals interrupting the upward trend.
With a Relative Strength Index reading of 75.69, the current bullish momentum in WOO appears robust and may continue in the near future. Nevertheless, traders should be cautious of overbought conditions that could result in a drop or consolidation.
Featured Image from WOO Network, charts from CoinMarketCap and Tradingview.com