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<p>WOO Network’s native token WOO has seen impressive growth recently, with the price up over 130% this month and 13% today to trade around $0.49. This gives WOO a market capitalization close to $900 million. But what is behind this recent price pump?</p>
<p><a href="https://newsletter.rektcapital.co/rekt-capitals-altcoin-watchlist-3/" target="_blank" rel="noopener noreferrer nofollow">According</a> to elite crypto analyst Rekt Capital in his recent newsletter, WOO has been setting up a bullish technical pattern that is now playing out. As he explains:</p>
<p><em>“In the second week of December, we spoke about how WOO was successful in enabling a +29% rally but also how another retest was on the horizon. And before Christmas we talked about WOO’s phenomenal +118% breakout from its macro pattern and how it was positioning itself for a potential retest.”</em></p>
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<p>This retest Rekt Capital mentioned is now underway, with WOO retesting the $0.42 level as new support after closing above it last week. As Rekt notes, <em>“In performing this Weekly Close, WOO has positioned itself for a retest of the black level and in fact this retest is now underway.”</em></p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="726" src="https://captainaltcoin.com/wp-content/uploads/2023/12/WOO-CHART-1024x726.png" alt="" class="wp-image-408535" srcset="https://captainaltcoin.com/wp-content/uploads/2023/12/WOO-CHART-1024x726.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/12/WOO-CHART-300x213.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/12/WOO-CHART-767x544.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/12/WOO-CHART-1536x1089.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/12/WOO-CHART-2048x1452.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/12/WOO-CHART-140x100.png 140w, https://captainaltcoin.com/wp-content/uploads/2023/12/WOO-CHART-212x150.png 212w, https://captainaltcoin.com/wp-content/uploads/2023/12/WOO-CHART-100x71.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/12/WOO-CHART-494x350.png 494w, https://captainaltcoin.com/wp-content/uploads/2023/12/WOO-CHART-788x558.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/12/WOO-CHART.png 1786w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>So far, this retest of $0.42 as support is going well, with WOO showing an 11% rebound after briefly dipping below it. Rekt Capital points to a similar retest in 2022 which saw volatility but ultimately led to a strong upside move afterwards. As long as $0.42 holds as support now, this retest could set the stage for further gains.</p>
<p>Losing the $0.42 level on this retest would likely lead to more of a pullback for WOO as it retests lower support levels it skipped past on the way up. However, Rekt remains bullish given current price action, stating <em>“WOO’s positioning is titling more so to the upside than downside from here.”</em></p>
<p>WOO’s impressive price pump seems driven by a bullish technical setup playing out through a retest of the $0.42 level. As long as this key support holds, WOO looks positioned to see further upside. Rekt Capital and other analysts will be closely watching to see if WOO can continue its momentum.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-woo-network-woo-price-pumping/" rel="noopener noreferrer nofollow">Why is WOO Network (WOO) Price Pumping?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why is WOO Network (WOO) Price Pumping?

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