WOO Network Price Jumps 30% in Bullish weekend Trade

Summary:
• The WOO Network price has increased in the last two days as investors take advantage of the recent weakness, but obstacles remain.

The WOO Network price has increased in the last two days as investors take advantage of the recent weakness, but obstacles remain.

WOO Network (WOO) is attempting to form a base following the heavy losses in November. But despite the Token improving almost 40% from this month’s low, WOO is nearly 55% below the November all-time high. As a result, WOO’s market cap has dropped from a high of $998 billion last month to around $470 million at the current price.

Furthermore, as I write, the cryptocurrency market has turned lower after Singapore announced they will shutter the Binance Crypto exchange on February 13th. Subsequently, Bitcoin has dropped $1,700 in the last hour, which may derail WOO’s recovery attempt.

Price Analysis

The daily chart shows the Token is supported between $0.600-$0.650, although struggling to clear the $0.800-$0.850 area.

Furthermore, WOO is rolling over in early trading Monday due to BTC’s weakness. Subsequently, if the price fails to clear $0.8500, it could return to the December 5th low around $0.600. On the other hand, if WOO Network punches through resistance, an extension towards the Dec 1st high of $1.200 looks likely.

Considering the general weakness this morning, I favour the bearish scenario. In my opinion, as long as the price stays below $0.850, the outlook is negative. However, a close above that level invalidates the bearish view.

WOO Network Price Chart (Daily)

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