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The WOO price surged more than 9% in the last 24 hours to trade at $0.4915 at press time.
The WOO Price Challenging Resistance
4-hour chart for WOO/USDT (Source: TradingView)
In the latest 4-hour chart analysis, the WOO price has showcased a notable trajectory that could spell interest for both long and short-term traders. The closing prices for the asset have seen an upward trend, starting from $0.4529 and reaching a high of $0.4898 before slightly retracting to $0.4752. This movement has been underpinned by a series of technical indicators that suggest a bullish sentiment might be taking shape, albeit with caution due to imminent resistance levels.
The Exponential Moving Average (EMA) values add a layer of intrigue to the analysis. The 9 EMA readings have progressively increased, indicating a strong short-term bullish momentum. This is further supported by the 20 EMA, which moved from $0.4503 to $0.4599, reinforcing the asset’s upward movement strength over a slightly longer term.
This cat pops, hard.$POPCAT (@POPCATSOLANA) is now available for trading on the WOO X spot market. ▶️ Trade now: https://t.co/duRSCkGTtd pic.twitter.com/Mxg8lJ9IkG — WOO X (@_WOO_X) April 1, 2024
Moreover, the Moving Average Convergence Divergence (MACD) values have transitioned from a negative to a positive territory, signaling a potential change in momentum. Starting with a nearly flat histogram, the MACD values evolved into a more decisive bullish stance.
The Relative Strength Index (RSI), a measure of asset momentum, has also provided valuable insights. It peaked at 69.48, signaling strong buying interest before slightly cooling off to 59.15. This cooldown presents a healthy retracement rather than a reversal, as values remain significantly above the midpoint of 50.
However, traders should remain aware of critical resistance and support levels. The immediate resistance at $0.4763, followed by a more formidable level at $0.4933, could cap further gains and possibly induce retracements. On the downside, support levels at 0.4485 and 0.4473 provide safety nets, with a more substantial support at 0.4359, which could serve as potential entry points for those looking to capitalize on pullbacks.
Possible Trade Strategies
Given the current technical landscape, potential entry points for long positions could be considered around the 0.4485 to 0.4473 support zones, with an eye on the resistance levels for exit points or profit-taking. Conversely, short traders might look for entry points near resistance levels, especially if price action suggests a rejection at these levels, with support zones serving as potential exit points.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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