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<ul>
 <li><em>WOO has a strong bullish bias from a technical perspective.</em></li>
 <li><em>The lower timeframe consolidation zone could be an area of interest for traders.</em></li>
</ul>
<p><a href="https://ambcrypto.com/search/woo" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Woo Network [WOO]</a> 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.</p>
<p>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.</p>
<h4><strong>The consolidation at $36 is expected to act as support</strong></h4>
<div id="attachment_360056" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-WOO-price.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360056" decoding="async" class="wp-image-360056 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-WOO-price.png" alt="WOO bulls could re-enter the markets at this support zone" width="1940" height="976" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-WOO-price.png 1940w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-WOO-price-300x151.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-WOO-price-1024x515.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-WOO-price-768x386.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-WOO-price-1536x773.png 1536w" sizes="(max-width: 1940px) 100vw, 1940px"></a>
 <p id="caption-attachment-360056" class="wp-caption-text">Source: WOO/USDT on TradingView</p>
</div>
<p>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.</p>
<p>A WOO revisit to this area would likely yield a bullish reaction from the price.</p>
<p>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.</p>
<p>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.</p>
<h4><strong>Two metrics point toward increased selling pressure</strong></h4>
<div id="attachment_360057" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-WOO-santiment.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360057" decoding="async" class="wp-image-360057 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-WOO-santiment.png" alt="WOO bulls could re-enter the markets at this support zone" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-WOO-santiment.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-WOO-santiment-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-WOO-santiment-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-WOO-santiment-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-WOO-santiment-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-WOO-santiment-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-360057" class="wp-caption-text">Source: <a href="https://app.santiment.net/s/QUBmdqJQ" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Santiment</a></p>
</div>
<p>The weighted sentiment has been through the roof over the past week. This reflected heightened social media engagement amidst the strong price gains.</p>
<p>However, the MVRV ratio was at a high not seen since October 2021.</p>
<p style="text-align: center;">Read <a href="https://ambcrypto.com/predictions/woo-network-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Woo Network [WOO] Price Prediction</a> 2023-24</p>
<p>Moreover, the mean coin age has trended lower since the first week of November. In the past two weeks, it plummeted south.</p>
<p>This presented the possibility that longer-term holders were offloading their WOO to realize profits. Hence, the $0.4265 support might be broken soon.</p>
<p><i>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.</i></p>

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

AMBCrypto

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