Woo Coin soars 79% in last 10 days – Future predictions?
- WOO has a strong bullish bias from a technical perspective.
- The lower timeframe consolidation zone could be an area of interest for traders.
Woo Network [WOO] gained close to 42% on 18th and 19th December alone. The token has been on a strong uptrend in December and the bulls could continue to push prices higher after a brief pullback.
AMBCrypto’s technical analysis of WOO Coin showed that further gains were possible. Yet, some on-chain metrics showed that selling pressure could intensify in the coming days.
The consolidation at $36 is expected to act as support
On 15th December, WOO reached $0.3925 and retreated to find support at $0.351. This dip demarcated the $0.35-$0.37 area as a lower timeframe consolidation zone.
A WOO revisit to this area would likely yield a bullish reaction from the price.
The Fibonacci retracement levels plotted showed the 50% level was at $0.3513. It provided additional strength to this level as a support. Meanwhile, the $0.4267 level is also a higher timeframe level of significance.
The RSI on the 12-hour chart was at 61 and showed bulls had strength despite the pullback. The OBV did not see a notable plunge either, showing that selling volume was minimal.
Two metrics point toward increased selling pressure
The weighted sentiment has been through the roof over the past week. This reflected heightened social media engagement amidst the strong price gains.
However, the MVRV ratio was at a high not seen since October 2021.
Read Woo Network [WOO] Price Prediction 2023-24
Moreover, the mean coin age has trended lower since the first week of November. In the past two weeks, it plummeted south.
This presented the possibility that longer-term holders were offloading their WOO to realize profits. Hence, the $0.4265 support might be broken soon.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.