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The CoW Protocol price surged 67% in the last week and 10% in the last 24 hours to trade at $1.138 as of 9:21 p.m. EST on trading volume that soared 35% to $187 million, according to CoinGecko.
CoW Protocol Price On A Sustained Bullish Rally
The CoW Protocol price analysis on the 4-hour chart demonstrates a strong bullish trajectory in recent price action. The price of CoW Protocol successfully formed a rounding bottom pattern after a prolonged consolidation phase characterized by sideways movement around the $0.7 support zone.
This classic bullish reversal pattern suggests continuing the upward trend once the breakout occurs.
The breakout above $0.9, which coincides with the rounding bottom’s neckline, confirmed the pattern and led to a sharp rally towards $1.23, marking the current local high.
The support at $0.7 (highlighted by the red zone) acted as a critical demand area, as evident from multiple rebounds off this level. Moreover, the 50-day Simple Moving Average (SMA) and the 200-day SMA provided additional clues to the trend’s strength.
The crossover of the 50 SMA above the 200 SMA earlier in December, often referred to as a “golden cross,” further supported the bullish narrative. The CoW Protocol price trades well above both moving averages, reinforcing the upward momentum.
Meanwhile, the Relative Strength Index (RSI) currently stands at 73.41, indicating overbought conditions. This suggests that while the bullish momentum is strong, the COW price might face short-term resistance or a potential minor correction as traders lock in profits. Historically, overbought RSI levels have coincided with pullbacks or consolidations before the next leg higher.
COW/USDT Chart Analysis Source: Tradingview
CoW Protocol Price Prediction
The current CoW Protocol price structure, supported by bullish patterns and moving averages, suggests further upside potential in the mid to long term. Immediate resistance lies at $1.23. If the price clears this level with increasing volume, it could target higher levels, such as $1.5, which aligns with psychological resistance.
If the price retraces, the $0.9 zone, previously a resistance, will likely act as strong support. Below this, the 50-day SMA at $0.8259 and the horizontal support at $0.7 will serve as critical levels to maintain the bullish structure.
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