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In today’s edition of the Rekt Capital Newsletter, the following cryptocurrencies will be analysed and discussed:
- Woo Network (WOO)
- Chainlink (LINK)
- Dogecoin (DOGE)
- Fetch ai (FET)
- Ocean Protocol (OCEAN)
Let’s dive in.
Woo Network - WOO/USDT
Over the past few weeks, we've been talking about how WOO needs to maintain the bottom of its market structure as support for a bullish bias:
For context, here is the mid-August chart:
This led to the August 23rd update:
And here is today's update:
WOO printed a phenomenal downside wick that enabled price to return back above the base of the wedging structure (blue).
Most importantly, WOO was able to Weekly Close above the base of the structure, protecting its integrity.
And once again this week, WOO has produced a downside wick below the market structure support but price is still managing to hold the blue base as support.
Continued stability here and WOO will be able to flick up from here.
It's key that WOO doesn't print a Weekly Close below the structure as that would likely kickstart the breakdown process.