WOOUSDT Rally: Bullish Momentum Gains Steam!

Jul 20, 2023

💎Since finding support at $0.15, #WooNetwork has been on a continuous ascent, forming higher highs and higher lows. The breakthrough above the downtrend trendline, along with the subsequent minor resistance breakout, signals a potential shift in momentum as buyers assert their presence.

💎Currently, the probability of an uptrend is slightly higher compared to the downtrend scenario, prompting buyers to seek a favorable risk/reward opportunity. #WOO is currently trading near the demand zone and testing the support uptrend trendline, indicating a phase of buying accumulation. This accumulation process is likely to persist as long as the price remains above the demand zone.

💎Such accumulation is expected to pave the way for an explosive price growth, offering a promising 73% upside potential. In the event of an uptrend, #WOO is likely to target the previously formed high at $0.35. However, the price action around the 78.6% Fibonacci retracement level, representing a minor supply zone, warrants close monitoring.

💎While maintaining a bullish outlook on #WOOUSDT, it is essential to consider an alternative scenario. Should the price break below the demand zone, the probability could shift in favor of the bears, potentially leading to a drop down to the 78.6% Fibonacci support or even lower.

💎As diligent Paradisers, we shall remain attentive to both possibilities, ensuring informed decisions amid the evolving market conditions. Stay informed, stay prepared! 🌴