Summary
• Price rose from $0.1911 to $0.2007 amid mixed momentum and moderate volume.
• A bullish engulfing pattern formed around 0.2000 after a consolidation phase.
• RSI reached overbought territory near close, hinting at potential near-term pullback.
• Volume spiked during key resistance breakouts, confirming upward conviction.
• Bollinger Bands showed slight expansion, indicating growing short-term volatility.
CoW Protocol/USDC (COWUSDC) opened at $0.1911 on 12:00 ET − 1, reaching a high of $0.2007 and a low of $0.1911, closing at $0.2000 by 12:00 ET. Total volume was 432,896.5 and turnover reached $86,880. Price action showed a clear shift toward the upper end of its daily range, with a late push above key resistance.
Structure & Formations
The price formed a bullish engulfing pattern near the $0.2000 level, confirming a breakout from a tight consolidation range. A strong candle at 03:45 ET breached the $0.2000 psychological level, followed by a brief retracement. Key support levels were identified at $0.1973 and $0.1951, while resistance emerged at $0.2003 and $0.2007.
Moving Averages
On the 5-minute chart, the 20-period and 50-period moving averages crossed above key swing lows, supporting the bullish bias. Daily moving averages (50/100/200) suggested a longer-term trend in favor of buyers, with price trading above all three.
MACD & RSI
The MACD crossed above zero during the late session, reinforcing momentum toward the higher end of the range. RSI climbed into overbought territory near close (~75), suggesting possible short-term exhaustion. A pullback to 61.8% Fibonacci retrace levels may offer a reentry point for longs.
Bollinger Bands
Bollinger Bands expanded during the breakout phase, indicating increased volatility. Price spent much of the session near the upper band before closing just below it. A sustained move above the upper band may confirm a new bullish bias.
Volume & Turnover
Volume surged during the breakout, with the largest spike at 03:45 ET (17,164.5 units) coinciding with the $0.2000 break. Turnover aligned well with bullish price action, with no clear divergence noted. However, a drop in volume after the peak could signal weakening momentum.
Fibonacci Retracements
Recent 5-minute swings showed retracements at 0.1973 (38.2%) and 0.2003 (61.8%), with price closing just below the key 61.8% level. Daily Fibonacci levels reinforced the $0.2003 and $0.1973 levels as likely pivot points in the next 24 hours.
Looking ahead, COWUSDC appears poised to test the $0.2007 high once more, but caution is warranted if RSI fails to sustain above 65 or if volume contracts sharply. Investors should monitor the 0.2000 level as a critical support/resistance zone.
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