WOO Network saw increased sell-off after rejecting at $0.35.
Crypto analyst says WOO could decline to $0.20.
The losses for WOO came as Bitcoin price retreated to around $27,400 on Sunday.
WOO Network price fell double digits on Sunday as the crypto market continued to see weakness among the bulls following key downward moves for Bitcoin, Ethereum and other major cryptocurrencies.
At the time of writing, WOO was trading around $0.24, more than 10% down in the past 24 hours and nearly 26% down in the past 7 days. Bitcoin on the other hand, broke below major support at $27,800 to hover near $27,400.
What is WOO?
WOO is the native token of WOO Network, a blockchain-based decentralised finance (DeFi) and centralised finance (CeFi) platform. Users on the trading platform can trade BTC, ETH and other coins and benefit from one of the best liquidity and low cost trade executions.
Users have access to zero fee trades on the CEX platform dubbed WOO X, while the DEX platform WOOFi offers cross-chain swaps and single-sided yields. Both platforms are powered by WOO.
The WOO token, which has a circulating supply of 1.7 billion WOO and trades on the world’s leading crypto exchange Binance, had seen a massive uptick in daily volume as sell-off mounted. Data from CoinGecko showed a total of over $55 million as of 4pm ET on Sunday, more than $19 million of which was in the WOO/USDT pair on Binance.
WOO price: analyst predicts decline to $0.20
The price of WOO Network moved from highs of $0.28 earlier in the day, and crypto trader and analyst TraderSZ has shared the technical set up for the cryptocurrency.
According to the trader, WOO did a trendline deviation on the weekly chart. With invalidation clearly above the trendline, the price prediction is that bears might extend their push to last week’s low.
$WOO – looking at weekly, we did a trendline deviation. Invalidation is clear above trendline. I’d expect a move to last week low Atleast https://t.co/xC7uoOmSG4 pic.twitter.com/NMm76WNVcH
— TraderSZ (@trader1sz) April 23, 2023
The area the analyst highlights around $0.20 marked the zone from which WOO recently bounced to highs near $0.35. The rejection from the psychological level and potential weakness at $0.20 could see WOO price decline to the $0.14 level.
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