Descending Triangle Breakout in Focus
On the daily chart, WOO had been consolidating inside a descending triangle, typically considered a bearish continuation pattern. However, this time bulls have flipped the script.
After weeks of compression, price action broke out of the upper descending resistance line, pushing WOO to a high of $0.077 today. This breakout indicates fresh buying momentum and a shift in sentiment from consolidation to potential expansion.
What’s Next for WOO?
From the current level around $0.076, WOO could revisit the breakout zone near $0.0735 for a retest. If this level holds as support, bulls may regain control and target the next upside objective at $0.1040 — nearly a 37% rally from current prices.
On the downside, if WOO slips back below the breakout trendline support, the bullish setup would be invalidated, leaving room for a deeper correction toward the $0.065 area.