COWUSDC Breaks Resistance — But Overbought RSI Casts Doubt

Summary
• Price rose from 0.1559 to 0.1651, forming a bullish breakout pattern.
• Volume spiked near 0.1655, confirming momentum.
• RSI hit overbought territory, suggesting possible pullback.
• Bollinger Bands widened as volatility increased.
• Key support at 0.1557 and resistance at 0.1617 were tested and breached.

CoW Protocol/USDC (COWUSDC) opened at 0.1559 on 2026-02-06 12:00 ET and closed at 0.1651 on 2026-02-07 12:00 ET, reaching a high of 0.1686 and a low of 0.1543. Total 24-hour volume was 633,745.3 and turnover was 98,902.42.

Structure & Formations

Price moved through a key resistance at 0.1606 with a bullish engulfing pattern. A doji formed at 0.1644, indicating indecision, but subsequent buying pushed prices higher. A potential consolidation level appears to be forming around 0.1655–0.1658.

Moving Averages

On the 5-minute chart, price crossed above both the 20- and 50-period moving averages, confirming a short-term bullish trend. Daily moving averages are not as relevant over the 24-hour span, but the 50-period line is near 0.1595, suggesting a possible short-term pivot.

MACD & RSI

MACD crossed into positive territory with a strong histogram, reinforcing bullish momentum. RSI reached overbought levels near 72–75, suggesting a short-term pullback may be likely, though not an immediate reversal.

Bollinger Bands

Volatility expanded significantly as price moved from 0.1543 to 0.1686. Price spent much of the period near the upper band, especially in the last 8 hours, indicating strong buying pressure. A contraction in the bands could signal a potential pause in the move.

Volume & Turnover

Volume spiked near 0.1655 and 0.1686, aligning with price highs, suggesting strong conviction in the move higher. Turnover also increased in tandem with price advances, confirming demand. Divergence was minimal during the session, indicating consistent directional pressure.

Fibonacci Retracements

On the 5-minute chart, the 61.8% retracement level at 0.1613 was briefly tested, then broken. On the daily chart, a larger 50% retracement level at 0.1603 was also taken out, supporting a continuation of the upward bias.

A cautious bull case appears to be in place, with price likely to test the 0.166–0.168 range over the next 24 hours. However, a pullback to 0.159–0.160 could test the sustainability of the move higher, especially if RSI remains in overbought territory for an extended period.