WOO Community (WOO) has skilled an enormous value enhance, with the token hitting a one-year excessive of $0.34 earlier this week. Throughout this era, WOO has pumped by 50%, making it the best gainer among the many high 100 cash primarily based on market capitalization.
This rally has unsurprisingly sparked pleasure and dialogue within the crypto group in regards to the future value of the token. The query on everybody’s lips is whether or not WOO’s current rally will proceed or is a value correction imminent.
WOO Community (WOO) is at the moment on an enormous bull run
WOO Community has witnessed a value enhance within the final 24 hours, with Coinmarkecap experiences a value of $0.3172 per token. This represents a price enhance of three% on this interval.
Over the previous seven days, WOO has skilled progress, with a value enhance of 53%. The market capitalization and buying and selling quantity have additionally seen vital will increase, up by 23.1% and 90.20% respectively, reaching $549,520,609 and $112,479,056. This means excessive demand and energetic buying and selling of the WOO token, growing its total worth and liquidity.
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If the constructive momentum continues and the $0.28 resistance is breached, the following resistance stage may very well be round $0.34, doubtlessly resulting in additional shopping for stress and an uptrend for the WOO token. Nonetheless, a failure to decisively break the resistance at $0.28 might lead to a correction and the token might take a look at help ranges at $0.2350 and even $0.2200 if bearish sentiment prevails.
WOO value chart Evaluation reveals elevated volatility
On the WOOUSD 4-hour value chart, in keeping with TradingView, the Bollinger Bands are widening, with the highest line at 0.25456650 and the underside line at 0.20503143, as of April 13. This means a rise in volatility and the potential for vital value motion in both route.
The worth motion above the higher line signifies that merchants have gotten extra bullish and should proceed to drive costs increased. Nonetheless, warning is suggested as a speedy change in sentiment can result in a pointy reversal. Moreover, the Bull Bear Energy rating of 0.03839325 signifies some bullish stress out there, however not sufficient to recommend a transparent pattern. This serves as a warning to buyers to be cautious and actively monitor the marketplace for any vital modifications in pattern.
WOO has risen to a brand new month-to-month excessive after the 50-day shifting common (MA) crossed above the 200-day MA, forming a “golden cross” sample. The 50-day MA stands at 0.21914262, whereas the 200-day MA is at 0.20886455, indicating a constructive pattern that will proceed within the brief to medium time period. Given the upward momentum, merchants could take into account shopping for on dips for potential earnings.
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The worth’s motion above each shifting averages signifies sturdy shopping for momentum, which is prone to appeal to extra patrons and drive the value increased. Nonetheless, merchants needs to be alert for any damaging alerts that disrupt the uptrend.
With a relative energy index of 75.69, the present bullish momentum in WOO seems sturdy and should proceed within the close to future. Merchants ought to nonetheless be cautious of overbought circumstances that might result in a fall or consolidation.
Featured picture from WOO Community, charts from CoinMarketCap and Tradingview.com
