WOO rallies by 10% as the Woo Network burns 700 million of its total token supply

• WOO is up by 10% in the last 24 hours, the best performer amongst the top 100 cryptocurrencies by market cap so far today.

• The Woo Network announced that it had burned more than 700 million WOO tokens so far.

• The total crypto market cap is now close to the $860 billion mark.

Woo Network burns 705 million WOO tokens

The Woo Network announced a few hours ago that it had burned 705 million WOO tokens, accounting for over 24% of the total supply. Over the first half of 2023, WOO Network said it would roll out a series of improvements to WOO tokenomics. The first part will focus on addressing existing issues while making the WOO token distribution more transparent.

A new era for the $WOO token

As a first step in a series of improvements, WOO Network has burned 705M $WOO tokens – over 24% of the total supply.

Here’s a breakdown of how we are propelling $WOO into a position of strength in the market (1/4)

👉https://t.co/TNHJ6fia49 pic.twitter.com/H7CcditgfO

— WOO Network (@WOOnetwork) January 10, 2023

This latest cryptocurrency news has seen WOO rally over the last few hours. WOO is the best-performing cryptocurrency amongst the top 100 coins and tokens by market cap today.

At press time, the price of Woo Network stands at $0.1664. The rally comes as the broader continues its positive performance. The total cryptocurrency market cap now stands at $857 billion.

Key levels to watch

The WOO/USDT 4-hour chart is bullish, as WOO has been performing excellently over the last few days. The technical indicators show that WOO is outperforming the broader crypto market.

The MACD line is deep within the positive zone, indicating a strong bullish nature for WOO. The 14-day relative strength index of 64 also shows that WOO could enter the overbought region if the rally continues.

If the bullish trend is maintained, WOO could rally past the $0.1788 resistance level before the end of the day. However, it would find it hard to overcome the second major resistance level at $0.1953.

The bears might regain control of the market, and this could see WOO trade below the $0.1527 support level in the near term. 

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