The cryptocurrency market is constantly evolving, and a sudden shift in the prices of the top 100 coins can have a significant impact on investors. While a 10% price fluctuation may be considered typical in this volatile market, traders must pay close attention when the movement exceeds this threshold and is accompanied by robust price action.
Thus, WOO, the native token of WOO Network, witnessed a sudden price jump of 12% in the last 24 hours. WOO token price reached a weekly high of $0.2927 today, and is up 15% this week.
Buying Pressure exists in WOO Token
During the recent bullish surge, WOO coin reached a yearly high of $0.3496, which became a resistance following a retracement. Altcoin prices had been building up under a symmetrical triangular pattern, which was broken today.
After a bullish breakout, the WOO token is currently trading at $0.2895 with an intraday gain of 2.08%. Amidst a roller-coaster ride, traders can observe a wide trading range between $0.34-resistance to $0.235-support on the 4-hours price chart. Notably, the Money Flow Index (MFI) continues to rise, which could fuel an uptrend.
Buyers turned confident after 20-SMA surpass
WOO Network presently has a market worth of $485.93 million, according to Coinmarketcap data. Surprisingly, at the time of the bullish breakthrough, trading volume jumped by more than 90% overnight to $42.5 million.
Following the breakout, buyers caused a surge in WOO coin from the 20-day simple moving average last night. As a result, all significant moving averages such as the 20, 50, 100, and 200 are positioned to support the altcoin.
Furthermore, the daily RSI is at 57, following a reversal from the midway point (50). The RSI is indicating a positive atmosphere for traders, and the WOO token’s high-low price structure is predicting a bullish divergence for the ongoing bullish cycle.
Also read: Sui Network Mainnet Launch, price surges by 1000%
