The post WOO Price Retreats from the Highs: Will the Correction Continue? appeared on BitcoinEthereumNews.com.

The WOO crypto price respected an upper trendline resistance and halted the further upside movement. The daily chart shows the formation of bearish, indecisive candlesticks near the trendline resistance, indicating the loss of momentum from the buyers ‘side. It may invite short-term traders and Investors to execute short positions at a discounted price, keeping the risk above the trendline resistance. If the crypto respects the trendline and proceeds on the lower side with momentum, it may invalidate the chances of breaking out of a correction phase.  If the bears establish their presence near the trendline resistance, it may indicate the resumption of the short-term correction phase.  The buyers have established themselves near the recent swing low at the $0.33 level. If the buyers can defend the support, it may lead to the formation of a descending triangle pattern.  If the buyers fail to hold the price at the recent support and the price breaks below the $0.33 level, it may unlock the price potential to test the lower levels of $0.3 and $0.25 and 200-day EMA.  WOO Crypto Technical Analysis. From a technical perspective, the WOO cryptocurrency trades high above the critical  50-day EMA, suggesting a neutral to bullish outlook in the short term as per the EMA. The broader term is already positive as the price rests above the 200-day EMA.  When writing, the RSI line was placed at 53.83 points, and that of the SMA line was at 52.86 points, suggesting a positive sentiment.  However, the RSI is headed downwards and is about to make a bearish crossover of the SMA line, indicating a potential reversal in the short term.   WOO Crypto Short Term price Prediction.  WOO/USD Chart by TradingView As per our Analysts, if the crypto consolidates near the current level and showcases a breakout above the…

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Filed under: News - @ February 17, 2024 5:28 pm