WOO Network price fell to $0.24 as Bitcoin hit below $28,000

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WOO Network saw an increase in sales after rejecting at $0.35. According to a crypto analyst, WOO could drop to $0.20. WOO’s losses came as the price of Bitcoin retreated to around $27,400 on Sunday.

WOO Network price fell double-digits on Sunday as the crypto market continued to see weakness among the bulls following key downward moves for Bitcoin, Ethereum and other major cryptocurrencies.

At the time of writing, WOO was trading around $0.24, down more than 10% in the last 24 hours and almost 26% in the last 7 days. Bitcoin, on the other hand, broke above major support at $27,800 to hover around $27,400.

What is WOOO?

WOO is the native token of WOO Network, a blockchain-based decentralized finance (DeFi) and centralized finance (CeFi) platform. Users of the trading platform can trade BTC, ETH, and other coins and experience some of the best liquidity and low-cost trade execution.

Users have access to fee-free trading on the CEX platform called WOO X, while the DEX platform WOOFi offers cross-chain swaps and one-sided returns. Both platforms are powered by WOO.

The WOO token, which has a circulating supply of 1.7 billion WOO and trades on the world’s leading crypto exchange, Binance, had seen a massive increase in daily volume as the selloff increased. Data from CoinGecko showed a total of over $55 million as of 4 p.m. ET Sunday, including over $19 million in the WOO/USDT pair on Binance.

Price WOO: Analyst predicts drop to $0.20

WOO Network price rose from $0.28 earlier today, and crypto trader and analyst TraderSZ shared the technical setup for the cryptocurrency.

According to the trader, WOO made a deviation from the trendline on the weekly chart. With an invalidation clearly above the trendline, the price prediction is that the bears may extend their push to last week’s low.

$WOO – looking at each week we have deviated from the trendline. Invalidation is clear above the trendline. I would expect a move down from the last week at least https://t.co/xC7uoOmSG4 pic.twitter.com/NMm76WNVcH

— TraderSZ (@trader1sz) April 23, 2023

The area the analyst is highlighting around $0.20 marked the area from which WOO recently rebounded to highs near $0.35. The rejection of the psychological level and the potential weakness at $0.20 could cause the WOO price to drop to the $0.14 level.

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