COOKIE Breaks Falling Wedge Pattern Targeting 127% Gain

COOKIE, a prominent digital asset, has recently broken out of a falling wedge pattern, signaling a potential bullish reversal. This technical development has set the stage for a significant price target, with analysts predicting a 127% increase from its current levels. The falling wedge pattern, characterized by a series of lower highs and lower lows, is often seen as a bullish reversal pattern in technical analysis. The breakout from this pattern suggests that the downward trend may be coming to an end, and a new upward trend could be on the horizon.

The falling wedge pattern is formed when the price of an asset makes a series of lower highs and lower lows, creating a wedge-shaped pattern on the chart. This pattern is typically seen as a bullish reversal pattern, as it indicates that the selling pressure is decreasing and the buying pressure is increasing. The breakout from the falling wedge pattern is a key indicator that the asset is poised for a significant price increase.

COOKIEUSDT has been exhibiting strong technical developments following weeks of compression within a descending wedge formation. The breakout, occurring near the $0.1706 level, comes after extended consolidation and downward pressure throughout June. The pattern suggests a potential shift in momentum, as a measured breakout move targets approximately $0.369, representing a 127% upside from the breakout point.

For several weeks, COOKIE traded within a falling wedge pattern, with prices continuously declining under resistance from the wedge’s upper boundary. The recent breakout above this level has drawn attention due to its clean structure and alignment with historical reversal setups. The move was confirmed just above the $0.1706 mark, with volume supporting the breakout, and the nearest resistance now aligns with this level.

Importantly, the structure of the wedge followed at least three confirmed touches on both support and resistance trendlines. The final phase of compression occurred just before the breakout, marking the lowest point near $0.1635. This area now serves as the primary support level, with buyers defending this zone consistently during the recent price action.

In addition to the wedge breakout, a higher time frame inverse head and shoulders pattern has been forming. The neckline aligns with the breakout zone near $0.1700, adding further technical weight to the move. This confluence of bullish structures increases interest in the setup, particularly given the measured target of $0.369 derived from the wedge height.

Transitioning from pattern formation to breakout, volume has remained consistent, while price continues to close above the breakout area. The price increase of 6.1% within the last session further reinforces the breakout attempt, with a daily high matching the resistance zone of $0.1743.

COOKIE’s current price is $0.1743, while the support sits at $0.1635. The projected breakout target is $0.369, measured from wedge height. The price range in the last 24 hours remains between $0.1629 and $0.1743, showing early follow-through from the breakout.

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While the technical breakout has occurred, price must maintain support and continue building momentum above $0.1706. Should it hold, the next logical focus shifts to tracking price as it approaches the projected 127% target.