Cryptocurrency

Woo Network Token 75% Rally Sparks Investor Interest

The market is still on the lookout for distinct signs of a long-term recovery. Given this, it is critical to pay strategic attention to tokens such as Woo Network (WOO), which present chances for short- and long-term trading in the dynamic crypto environment.

The cryptocurrency market is in a positive mood as the new week begins, following a time of increased volatility in the first half of December. The two most popular cryptocurrencies, Ethereum and Bitcoin, have shown signs of stability during the last 48 hours.

Woo Network Explodes 75% In The Last Week

The WOO token, which is part of the Woo Network liquidity protocol, has been rising recently after fluctuating earlier. According to data from Coingecko, WOO was trading at $0.45 at the time of writing, up over 2% in the previous day and maintaining a strong 75.0% increase over the previous seven days.

Source: Coingecko

A contributing element to the cryptocurrency’s recent price increase was the WooFi exchange, which attracted attention from possible investors after announcing a partnership with Arbitrum.

The cryptocurrency exchange WOO X, which runs on the WOO token, announced this week that it will be partnering with Wintermute to increase liquidity.

With a combined trading volume of about $3.6 trillion, Wintermute is an algorithmic trading company and liquidity provider. Thanks to its partnership with WOO X, it now serves as the primary liquidity provider for the exchange.

WOO market cap currently at $812 million. Chart: TradingView.com

Another market maker, Selini Capital, joined WOO X in order to extend its designated market maker (DMM) program and gain access to over 135 perpetual markets.

When WOO debuted on the open market in late 2020, its value was approximately $0.03. Woo Network surged ahead of the market in early 2021, breaking through the dollar in April and hitting a one-time high of $1.34 on May 9.

The price of WOO token has recovered after suffering a significant drop over the weekend. Over the weekend, it dropped to a low of $0.35, but it rose to a high of $0.42 following that. WOO continues to be higher above the 50-period moving average.

Woo Network Price Prediction

Additionally, it appears to be creating a double-top pattern, with the upper side located at $0.4578. The Relative Strength Index (RSI) is heading toward the 70 overbought level after making an upward trend.

As a result, investors are aiming for the double-top point at $0.4578, which is around 15% above the current price, which indicates a bullish view for the cryptocurrency.

The Woo Network short-term price projection for 2023 by CoinCodex shows that the token will fall to $0.411 by December 24 and rise to $0.4881 by January 18. The technical analysis on the website was bullish, with 24 indications indicating a bullish trend and only four indicating a bearish trend.

According to DigitalCoinPrice, Woo Network will trade at $1.19 at some time in the upcoming year. PricePrediction.net and Bitnation, on the other hand, were more conservative and predicted that WOO would be worth $0.58 and $1.18 in 2024, respectively.

Featured image from Binance Academy

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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