The WOO cryptocurrency is experiencing a lot of selling pressure in recent trading sessions, causing weakness on the charts. The bears seem to have an advantage as the chart structure is favoring them, and the price keeps forming negative candles.
Despite efforts by buyers to gain traction, they are only able to secure a few key levels of support. Currently, the WOO crypto is trading at the level of $0.35448380, showcasing a drop of 3.47% and suggesting bearishness. The intraday trading volume is 14.20 million and the market is likely to experience more volatility in the coming days.
On the daily charts, the WOO crypto is in a downtrend and has been underperforming for quite some time. Technical indicators continue to signal bearishness, with no indication of a bullish reversal or bounce occurring below the $0.36932684 range.
Woo price gained by 84.64% over last year and gained by approximately 104.75% in the last 6 months. Additionally, the coin has gained by approximately 60% in the last 3 months showing good performance of the crypto. However, the crypto is down by 17.01% in the last month showing the weakness in the price.
Technical Analysis of WOO Crypto Price in 1-D Timeframe
At the time of publishing, the WOO crypto is trading above the 50 and 200-day EMAs (exponential moving averages), which are supporting the price trend. Moreover, if the the price breaks below the key EMAs, it might touch the new lows making lower low structures.
The current value of RSI is 44.89 points. The 14 SMA is above the median line at 43.59 points, indicating that the WOO crypto is bearish.
The MACD line at -0.01466174 and the signal line at -0.01192144 are above the zero line. A bearish crossover is observed in the MACD indicator, which signals more bearishness for the WOO crypto price.
According to the technical summary of the Monero crypto is showcasing a buy signal. Besides, out of 26 analysts 9 are on the sell side, 10 are on the neutral side, and 7 are on the buying side. However, the maximum indicators are on the neutral side. The technical summary demonstrates that the trend is neutral. Most of the indicators are on the neutral side and support the neutrality in the price.
Summary
WOO (USD: WOO) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the WOO crypto price. The Price action signifies that the investors and traders are bearish on the 1-D time frame. It mirrors a bearish outlook at the moment.
Technical Levels
Support Levels: $0.30022452.
Resistance Levels: $0.49151543.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
Source: https://www.thecoinrepublic.com/2024/02/02/woo-crypto-price-is-turning-bearish-will-it-break-200-day-ema/