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?
According 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:
“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.”
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, “In performing this Weekly Close, WOO has positioned itself for a retest of the black level and in fact this retest is now underway.”
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.
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 “WOO’s positioning is titling more so to the upside than downside from here.”
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.
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