WOO Network Price Jumps 30% in Bullish Weekend Trade

WOO Network price has risen over the past two days as investors take advantage of recent weakness, but headwinds remain.

WOO Network (WOO) is trying to form a base after heavy losses in November. But while the token is nearly 40% better off this month’s low, WOO is nearly 55% below November’s all-time high. As a result, WOO’s market capitalization has fallen from a high of $998 billion last month to around $470 million at the current price.

Additionally, as of this writing, the cryptocurrency market has fallen after Singapore announced the closure of the Binance Crypto exchange on February 13. Subsequently, Bitcoin lost $1,700 in the last hour, which could derail WOO’s recovery attempt.

Price analysis

The daily chart shows that the token is supported between $0.600 and $0.650, although it is struggling to break through the $0.800 to $0.850 zone.

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Additionally, WOO rolls over into early trading on Monday due to BTC weakness. Thereafter, if the price fails to clear $0.8500, it could retrace to the December 5th low around $0.600. On the other hand, if WOO Network breaks through resistance, an extension towards the December 1 high of $1,200 seems likely.

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

WOO Network Price Chart (Daily)

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