Participants in the raise include Wintermute and Amber, in addition to other notable liquidity providers.
Woo-ing Buyers: Woo Network Token 75% Rally Sparks Investor Interest
The market is still on the lookout for distinct signs of a long-term recovery. Given this, it is critical to pay strategic attention to tokens such as Woo Network (WOO), which present chances for short- and long-term trading in the dynamic crypto environment.
The cryptocurrency market is in a positive mood as the new week begins, following a time of increased volatility in the first half of December. The two most popular cryptocurrencies, Ethereum and Bitcoin, have shown signs of stability during the last 48 hours.
Woo Network Explodes 75% In The Last Week
The WOO token, which is part of the Woo Network liquidity protocol, has been rising recently after fluctuating earlier. According to data from Coingecko, WOO was trading at $0.45 at the time of writing, up over 2% in the previous day and maintaining a strong 75.0% increase over the previous seven days.
A contributing element to the cryptocurrency’s recent price increase was the WooFi exchange, which attracted attention from possible investors after announcing a partnership with Arbitrum.
The cryptocurrency exchange WOO X, which runs on the WOO token, announced this week that it will be partnering with Wintermute to increase liquidity.
With a combined trading volume of about $3.6 trillion, Wintermute is an algorithmic trading company and liquidity provider. Thanks to its partnership with WOO X, it now serves as the primary liquidity provider for the exchange.
Another market maker, Selini Capital, joined WOO X in order to extend its designated market maker (DMM) program and gain access to over 135 perpetual markets.
When WOO debuted on the open market in late 2020, its value was approximately $0.03. Woo Network surged ahead of the market in early 2021, breaking through the dollar in April and hitting a one-time high of $1.34 on May 9.
The price of WOO token has recovered after suffering a significant drop over the weekend. Over the weekend, it dropped to a low of $0.35, but it rose to a high of $0.42 following that. WOO continues to be higher above the 50-period moving average.
Woo Network Price Prediction
Additionally, it appears to be creating a double-top pattern, with the upper side located at $0.4578. The Relative Strength Index (RSI) is heading toward the 70 overbought level after making an upward trend.
As a result, investors are aiming for the double-top point at $0.4578, which is around 15% above the current price, which indicates a bullish view for the cryptocurrency.
The Woo Network short-term price projection for 2023 by CoinCodex shows that the token will fall to $0.411 by December 24 and rise to $0.4881 by January 18. The technical analysis on the website was bullish, with 24 indications indicating a bullish trend and only four indicating a bearish trend.
According to DigitalCoinPrice, Woo Network will trade at $1.19 at some time in the upcoming year. PricePrediction.net and Bitnation, on the other hand, were more conservative and predicted that WOO would be worth $0.58 and $1.18 in 2024, respectively.
Featured image from Binance Academy
Bitcoin at Risk of Snapping Historic Winning Streak, but ‘Perfect Storm’ Brews for a Strong 2024
Investors moved the highest amount of BTC to exchanges since March, IntoTheBlock noted, signaling profit-taking after bitcoin’s first eight-week streak of gains since 2017.
Crypto Trading Firm Kronos Research Offers 10% Bounty to Hacker
Kronos Research was hacked in mid-November via stolen API keys, with the attacker making off with $25 million
Expert Trader Identifies 6 High-Potential Altcoins To Watch
In its latest update on October 18, renowned crypto analyst Rekt Capital has highlighted six altcoins that have caught his attention, showing potential for the remainder of 2023, Ocean Protocol (OCEAN), Dogecoin (DOGE), Woo Network (WOO), Verasity (VRA), Stellar (XLM), and Injective (INJ).
Mixed Signals For Dogecoin
Rekt Capital’s analysis suggests a crucial moment for the Ocean Protocol. Whether the current price deviation will result in a downside wick below the red channel placed at $0.2763 or if the price will close below it weekly.
While a downside wick followed by a recovery could lead to a move toward the Channel Top at $0.3247, a weekly close below the Channel Bottom would necessitate keen observation for price rejection as new resistance.
On the other hand, Rekt Capital notes that Dogecoin has been meandering at the bottom of its channel at $0.058890.
However, recent price developments indicate that the potential bullish divergence in its 1-week chart is likely no longer valid.
The lower low has shifted from support to resistance, confirmed by price action and a breakdown in the RSI’s trendline. Although a scenario of DOGE reclaiming its lower low remains possible, Rekt believes that a more definitive reaction is needed to confirm a potential fake breakdown.
Injective Dominates The Altcoins Market
Woo Network has experienced a relatively subdued quarter compared to the first half of 2023. Despite the uncertain macro outlook, WOO Network remains confident in its vision and mission.
Notably, the network successfully negotiated the repurchase of shares and tokens from the estate of Three Arrows Capital, alleviating uncertainty for WOO Network’s community and investors.
Verasity is a protocol and product layer platform for esports, video entertainment, and digital content management. Rekt Capital acknowledges the breakout from the mid-term downtrend structure in Verasity’s native token.
The token has been establishing higher lows after reaching a low point on October 4, indicating a potential shift in momentum.
Stellar is a blockchain-based payments network that facilitates global, efficient digital asset issuance and exchange. XLM has recently displayed sideways price action, trading below its 50-day and 200-day moving averages. Nonetheless, Rekt Capital includes Stellar in their altcoin watchlist, suggesting it is one to watch.
Injective is an open and interoperable blockchain optimized for DeFi applications, utilizing the Tendermint PoS consensus mechanism. Rekt Capital highlights the significant uptrend in INJ’s native token in the past 24 hours and over the past year, with a remarkable surge of 290%.
As Rekt Capital’s analysis indicates, these six altcoins – OCEAN, DOGE, WOO, Verasity VRA, XLM, and INJ – have caught the attention of the crypto analyst.
While each cryptocurrency presents its unique opportunities and challenges, investors and enthusiasts can look forward to monitoring their performances and assessing their potential for the remainder of 2023.
Featured image from Shutterstock, chart from TradingView.com
WOO Network Buys Back Shares and Tokens From Bankrupt Three Arrows Capital
The 20 million WOO tokens repurchased from 3AC have been sent to a burn address.
‘Suspicious’ Multichain Wallet Dumps $1.8M WOO Network Tokens; Price Drops 8%
An Ethereum wallet funded by a beneficiary of the Multichain exploit has sold $1.8 million worth of WOO Network (WOO) tokens on Uniswap, causing the price to slump by 8%.
