Woo to the Moon

Written by Alexander Hilton

July 20, 2021

Woo is a digital asset token that allows for the user to acquire exclusive benefits and/or discounts/rebates on the Wootrade network. Woo is capped at 3 Billion tokens. WOO tokens are bought back and burned each month using the parts of the revenue generated by Wootrade.

The creators behind Woo Trade platform:

The WOO token holds the following 4 functions on the Wootrade platform:

  • Collateral
    • Woo may be used as trading collateral
  • Mining
    • Earn Woo for bringing quality order flow to the platform as a node
  • Staking
    • Stake Woo in market-making fund or to accrue voting points
  • Payment
    • Pay less in margin and wealth management fees with Woo

Holding the WOO token will unlock:

  • Unlocks access to zero-fee trading
  • Staked by major institutions and exchanges
  • Earns deep discounts on futures trading, margin trading, and asset management products

WOO token is an ERC-20 token and is exchangeable on most major exchanges.

The current price of WOO is $0.60 (27/6/21) with a market cap of $276 353 870. This beast of a token has massive potential to moon in price. This token is a fan favourite of the Asian market’s whale CryptoTraders as having zero-fee trading is massive in the long run, especially if you have large daily volumes of trading occurring. 

Value?

AS stated above there are numerous benefits to accumulating and hodling this coin! Currently Woo is opening a Beta for its WooX platform, this will be their trading platform and will be the vehicle from which we will utilize the staking of the Woo token in order to facilitate zero fees. An example of this application can be seen below:

As one can see from above, the savings on fees alone are enormous! 

Another feature that I really want to touch on, is the use of the Woo token as collateral. This means, that you will be able to use the Woo you buy as collateral when trading on the platform.

Alternatively, if you are risk averse, perhaps staking is more to your liking! More information on the staking can be found here. The staking, like most of the features here, are currently still in beta.

WOO Technicals (Provided by Edward Gonzales)

WOO coin is trading far from its previous floor price of $0.02211546. Had an investor been fortunate enough to invest at that price recorded on January 4, 2021 the position would be up about +2,600%. The price of WOO at the time of this analysis is approximately $.60 cents. This price is also far away from it’s all time high price of $1.38. For WOO coin to travel back to all time high prices would yield an investor about +50% profits. How likely is that to occur? Let’s take a look. (All analysis provided is executed on a 4 hour time frame.)

Since the coin is so young the entirety of its candlestick data can fit into a 4 hour screenshot from Huobi. Looking at the above photo we can observe an escape from the previous price floor indicated by the horizontal blue line. There is observable support in the lower purple box ranging from $.20 cents to $.30 cents. The current support the coin is facing ranges from $.54 cents to $.65 cents. If this support zone fails it is possible that we could observe lower price action back to the previous support zone. 

Strictly observing price action technicals we can see that price is trapped within a wedge-like structure. The descending red line connects two high points in price action indicating we have an observable downtrend. Testing our current support zone will determine if price returns to our valid downtrend line and if so, when. If the current support zone is tested, we can expect price to range back up towards our valid downtrend line. If the downtrend line is breached a trader should speculate on the outbreak confirmation before determining to take a position. 

The RSI indicator does show any strong divergence. However we can see that price is trending in an oversold scenario indicating that we could see some short term price increase soon. The RSI has not completely fallen below the lower band, so perhaps the most opportune entry has yet to present itself.

The MACD signal throws a contradictory signal as a crossover is observable. Typically when the MACD signal line (blue) crosses under the actual macd line (red) price follows suit and yields a downtrend. 

Finally, we have our exponential moving averages to measure. Price action is currently using the 9 EMA (red) as a sort of dynamic resistance, meaning that we are testing a downtrend. In recent price action history, price has been rejected along the larger moving averages after breaking through the smaller moving averages. As price strays farther away from the larger moving average it must generally snap back at some point, however a trader should base entries and exits around smaller moving averages. 

The area magnified in the photo above represents what is known as a “death cross.” This is displayed by the 50 EMA (blue) crossing under the 200 EMA (orange). Usually when this happens it foreshadows an observable downtrend. Since it has been some time since the death cross occurred we can look to find entries for long opportunities, however the downtrend should be considered valid until we can see a “golden cross”. This is when the 50 EMA crosses above the 200 EMA signaling us a potential uptrend. 

When the indicators are displaying a downtrend is when the smart investors plot their entries. If a coin is up +20% or greater then it is likely to have a retrace or pullback. When a coin is so far away from it’s all time high is when eagle eyes should be scouting optimal entries. The majority of our indicators show that this token is in a downtrend so any potential investors should keep their focus on this asset and watch its daily price fluctuations.

Institutional investors:

Buy WOO?

You can review our available course materials to learn more about blockchain and cryptocurrency here

By viewing any material or using the information within this publication you understand that this is general education material and you can not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here. Trading cryptocurrency has potential rewards, but also potential risks. You must be aware of the risks and be willing to accept them in order to invest in the markets. Only trade with funds you can afford to lose. This publication is neither a solicitation nor an offer to buy/sell cryptocurrency or other financial assets. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.

Written by Alexander Hilton and Edward Gonzales © Crypto University 2021

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