Woo Network, a newly listed coin has been talked a lot about by some of the highest followed cryptocurrency traders and pages on Twitter, however, will it live up to the hype?
WOO Network is a deep liquidity network connecting traders, exchanges, institutions, and DeFi platforms with democratized access to the best-in-class liquidity and trading execution at lower or zero cost. WOO Token is used in the network's CeFi and DeFi products for staking and fee discounts. With a market cap of just $500k, Woo has a lot of potential to grow.
After hitting an all-time high in November, Woo has corrected majorly by over 60% and has formed a symmetrical triangle, from which it could break out soon and hit a new all-time high. However, since Woo has a low market cap, investors must be cautious as it can be very volatile and huge moves may be seen. Thus investors must maintain stop-losses to avoid getting caught in a huge sell-off. The business model of Woo has great potential, as Wootrade earns from the big market-makers and uses those revenues to incentivize other flow providers (exchanges and traders) to route orders there.
Investors are expecting Woo to hit the $2 mark by the end of January however, what do the charts point towards?
Here is what the charts are suggesting-
Woo has been correcting after a sharp rally earlier however it has shown a clear reversal in December and could soon breakout from the symmetrical triangle that it has formed.
Investors must be patient and wait for Woo to break out as an early entry could be very risky, moreover, it is looking like Woo will test the lower trendline before breaking out.
Investors can set a target of $1.4, followed by $1.65 and a new all-time could also be hit in the coming months.