- CoW Protocol is forming a triangle pattern, signaling a possible price takeoff near the $0.60-$0.69 range.
- A bullish move above $0.69 could push costs toward $1.00, while a drop below $0.60 may hit $0.50.
- Declining trade volume hints at upcoming price action, with traders watching for a surge in activity soon.
CoW Protocol is showing signs of a breakout, as its price stays within the $0.60 to $0.69 range. Crypto analyst Ali Charts has highlighted that this pattern could lead to a 48% price swing in either direction, making this a moment for market players.
Chart Patterns and Key Price Levels
The chart shows a descending triangle, which suggests that a breakout could be imminent after weeks of sideways movement. Prices have been consistently trading within the $0.60 to $0.69 range, which marks a crucial support and resistance zone.
Key Fibonacci retracement provides additional insight into potential targets. The 0.618 Fib sits at $0.7794, which could act as resistance if the price moves upward. On the downside, $0.60538 represents a support level aligned with the 1.0 level, making it essential to watch for any breakdown.
If CoW Protocol breaks above $0.69, the next target could be $0.99967, as shown by the 0.236 Fibonacci retracement. However, failure to maintain support at $0.60 might push the price to $0.50382 or lower to $0.40368.
Volume Decline Suggests Imminent Price Action
Trading volume has steadily declined, which often signals that the market is preparing for a sudden, decisive move. Historically, low trading volume before a breakout tends to result in sharp price swings once a direction is confirmed.
Analysts believe that once the price moves outside the current range, volume could surge and drive rapid price action. The $0.60-$0.69 range remains a critical area for traders to monitor as the price approaches a turning point.
Social Media Highlights Mixed Sentiment
Ali Charts’ prediction has gained significant attention on social media, with over 16,900 views and a variety of responses. Some traders are optimistic about a bullish breakout, while others expect further downside as bearish sentiment continues to linger.
One comment noted, “Dump coin is gonna pump; the rest is gonna dump,” showing that sentiment remains divided. However, traders are advised to focus on the technical indicators rather than market speculation as the breakout nears.
As CoW Protocol approaches this critical juncture, the market remains on edge. The question is whether COW will rise above $0.69 or drop below $0.60.
