The Woo Network price has crawled back after its sharp decline during the weekend. WOO is trading at 0.63 USDT, which is about 35% above the lowest level on Saturday. It has a market capitalization of over $571 million, making it the 114th biggest cryptocurrency in the world.
What is Woo Network?
Woo Network is a fast-growing blockchain platform that offers a quality trading platform. The network is known for its fast execution and significantly lower fees than other popular platforms. It offers hundreds of pairs to trade and deep liquidity.
Woo Network made headlines recently when it raised over $12 million from Binance, the biggest exchange in the world. The company also provides liquidity to over 40 companies who include investment banks, wallets, and decentralized exchanges. It is also involved in the DeFi industry. In 2021, it launched WOOFI Swap, a DeFi platform built using the Binance Smart Chain technology.
In total, the company has raised about $42 million from firms like Crypto.com, Avalanche, and BitTorrent. The WOO token is the native token for the ecosystem. Most of the coins are used to reward members of the network and burn.
Woo Network price prediction
The four-hour chart shows that the WOO price has been in a bearish trend in the past few months. The coin is trading at 0.63 USDT, which is about 31% above the lowest level during the weekend. It has moved slightly above the key resistance at 0.5985 USDT, which is the lowest level since December 21.
The coin has moved slightly below the 25-day and 50-day moving averages. Its Relative Strength Index (RSI) has moved higher. Therefore, there is a likelihood that the WOO Network price will keep rising as bulls target the next key resistance to watch will be at 0.7400 USDT. on the flip side, a move below the support at 0.5200 will invalidate this view.
