Woo Coin soars 79% in last 10 days – Future predictions?

Journalist

Posted: December 22, 2023

• WOO has a powerful bullish bias from a technical perspective.
• The decrease timeframe consolidation zone may very well be an space of curiosity for merchants.

Woo Community [WOO] gained near 42% on 18th and nineteenth December alone. The token has been on a powerful uptrend in December and the bulls might proceed to push costs greater after a short pullback.

AMBCrypto’s technical evaluation of WOO Coin confirmed that additional features have been attainable. But, some on-chain metrics confirmed that promoting strain might intensify within the coming days.

The consolidation at $36 is anticipated to behave as help

Supply: WOO/USDT on TradingView

On fifteenth December, WOO reached $0.3925 and retreated to seek out help at $0.351. This dip demarcated the $0.35-$0.37 space as a decrease timeframe consolidation zone.

A WOO revisit to this space would probably yield a bullish response from the worth.

The Fibonacci retracement ranges plotted confirmed the 50% degree was at $0.3513. It supplied extra energy to this degree as a help. In the meantime, the $0.4267 degree can be a better timeframe degree of significance.

The RSI on the 12-hour chart was at 61 and confirmed bulls had energy regardless of the pullback. The OBV didn’t see a notable plunge both, displaying that promoting quantity was minimal.

Two metrics level towards elevated promoting strain

Supply: Santiment

The weighted sentiment has been by the roof over the previous week. This mirrored heightened social media engagement amidst the robust value features.

Nonetheless, the MVRV ratio was at a excessive not seen since October 2021.

Learn Woo Community [WOO] Worth Prediction 2023-24

Furthermore, the imply coin age has trended decrease for the reason that first week of November. Previously two weeks, it plummeted south.

This introduced the likelihood that longer-term holders have been offloading their WOO to comprehend income. Therefore, the $0.4265 help may be damaged quickly.

Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.