Ever since bouncing from the support of $0.1133 back on December 26, WOO’s price has been on a fast track upward trajectory. Over the course of the past two weeks, the cryptocurrency’s value has shot up by an impressive 55.07%.<\/p>\n
With the Woo Network token showing sustained bullish momentum as of writing–up by 24.13% for the day, traders are wondering if WOO can sustain its growth and if so, just how high can WOO’s price go?<\/p>\n
WOO has been trading above its 20-day, 50-day, and 100-day exponential moving averages (EMAs), which suggests the short to long-term outlook for the cryptocurrency is bullish.<\/p>\n
Furthermore, analysis of the EMAs reveals that it’s currently forming a bullish alignment, with the 20-day EMA crossing over the 50-day EMA and rapidly nearing the 100-day EMA. This indicates a possible upward trend for WOO in the coming days if macroeconomic factors allow.<\/p>\n
The RSI for WOO has been in oversold territory ever since the crypto broke out of the resistance range of $0.1373 to $0.1411, when it hit RSI 76.46. The buying pressure for WOO has continued to be strong and the RSI has reached 83.07 as of writing.<\/p>\n
It’s worth noting that the RSI can be partially disregarded as long as the cryptocurrency is moving along with volume confirmation<\/a>. However, traders are advised to monitor this indicator to watch for potential divergences, which could be an early indicator of a potential retracement.<\/p>\n WOO’s MACD has been moving parabolic<\/a> well above the zero line with the histogram showing a steady, gradual increase in separation between the MACD and the signal line.<\/p>\n Analysis of the MACD indicator shows that it has been performing extremely well above the zero line, with a parabolic upward trajectory. Furthermore, the histogram of the MACD has also displayed a steady and gradual increase in separation between the two lines.<\/p>\n This increase in separation is considered to be a strong bullish signal, as it indicates that the MACD line is trending further away from the signal line and moving at a faster pace.<\/p>\n Ever since breaking out from the resistance range of $0.1373 to $0.1411 in conjunction with the 100-day EMA, WOO’s price has continued its bullish momentum, currently trading at $0.1837–up 24.14% as of writing.<\/p>\n With the breakout being confirmed by its trading volume, the cryptocurrency is fast approaching its immediate resistance range of $0.1921 to $0.1965. If the price fails to move higher and is rejected, immediate support may be found at $0.1723 to $0.1735.<\/p>\n The Woo Network team announced a series of improvements to its token distribution on Monday, aimed at addressing issues with its current tokenomics. The revamp to its tokenomics begins with the planned burning of 705 million WOO tokens, currently valued at $127 million.<\/p>\n A new era for the $WOO<\/a> token<\/p>\n As a first step in a series of improvements, WOO Network has burned 705M $WOO<\/a> tokens – over 24% of the total supply. <\/p>\n Here’s a breakdown of how we are propelling $WOO<\/a> into a position of strength in the market (1\/4)<\/p>\n 👉https:\/\/t.co\/TNHJ6fia49<\/a> pic.twitter.com\/H7CcditgfO<\/a><\/p>\n — WOO X (@_WOO_X) January 10, 2023<\/a><\/p><\/blockquote>\nMoving Average Convergence Divergence (MACD)<\/h3>\n
WOO Price Action and Key Levels of Support and Resistance<\/h3>\n
Woo Network (WOO) Fundamental Analysis<\/h2>\n
Woo Network Tokenomics<\/h3>\n
\n