- WOO Network experienced a decrease in value after attempting to reach $0.35.
- Crypto analyst suggests that WOO could decrease to $0.20.
- The losses were a result of Bitcoin prices sinking to around $27,400 on Sunday.
The value of WOO Network plummeted on Sunday as the crypto market remained in a weak state due to downward movements of Bitcoin, Ethereum and other major cryptocurrencies.
As of press time, WOO was trading around $0.24, with a double-digit drop in the last 24 hours and a near 26% decrease in the past week. Bitcoin, on the other hand, plunged below the major support level of $27,800 and is currently hovering around $27,400.
What is WOO?
WOO is the token of WOO Network, a blockchain-based decentralised finance (DeFi) and centralised finance (CeFi) platform. Investors on the trading platform are able to purchase BTC, ETH and other coins, benefiting from one of the best liquidity and low cost trade executions.
Users have zero-fee trades on the CEX platform known as WOO X, while the DEX platform WOOFi provides cross-chain swaps and single-sided yields. Both platforms are backed by WOO.
The WOO token, possessing a circulating supply of 1.7 billion WOO and trading on the world’s leading crypto exchange Binance, experienced a notable increase in daily volume as the sell-off mounted. Data from CoinGecko showed a total of over $55 million as of 4pm ET on Sunday, of which $19 million was in the WOO/USDT pair on Binance.
WOO price: Analyst predicts decrease to $0.20
The price of WOO Network had moved from highs of $0.28 earlier on, and crypto trader and analyst TraderSZ has shared the technical set up for the cryptocurrency.
As per the trader, WOO did a trendline deviation on the weekly chart. With invalidation clearly above the trendline, the price prediction is that bears could extend their push to last week’s low.
— TraderSZ (@trader1sz) April 23, 2023
The area highlighted by the analyst around $0.20 was the zone from which WOO recently bounced to highs near $0.35. The rejection from the psychological level and potential weakness at $0.20 could result in WOO price sinking to the $0.14 level.