CoW Protocol (COW) Price Prediction: COW/USDT Chart Analysis

The CoW Protocol price analysis on the 4-hour chart demonstrates a strong bullish trajectory in recent price action.

The price of a decentralized finance (DeFi) token, CoW Protocol (COW), has surged over 67% in the past week and 10% over the past 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.

The COW token’s recent rally comes amid a broader crypto market recovery, with the total crypto market capitalization increasing by about 6% over the past week to reach $1.12 trillion. Bitcoin’s price has risen by about 16% over the past week to trade at $24,062.

CoW Protocol, a decentralized derivatives trading protocol, aims to provide users with a seamless and efficient trading experience. The protocol boasts several features, including fast trade execution, low latency, and deep liquidity.

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

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.

Meanwhile, investors looking to diversify their portfolio might want to consider Best Wallet (BEST), which an analyst on the YouTube channel 99Bitcoins, which has over 719K subscribers, says is one of the best crypto wallets in the market.

Best Wallet Presale Surges Past $5.7 Million

The Best Wallet presale has already garnered over $5.7 million as the project gains traction in the crypto space.

Best Wallet offers next-generation features that stand out in the crowded crypto space. Its integration with over 200 decentralized exchanges (DEXs) and more than 20 cross-chain bridges ensures better pricing for users when swapping digital assets.

However, Best Wallet‘s most popular feature is its Upcoming Tokens section, which has earned a reputation for accurately identifying high-potential projects before they hit the market.

🚀 Discover Upcoming Tokens with Best Wallet! 💎

Get ahead by managing all your presale tokens effortlessly in one app.

Be the first to discover the next big projects such as $SLAP, $WEPE and $STARS. Your journey starts here.

Download Today 📲 https://t.co/he5kzra7TY pic.twitter.com/oQdziwdBtl

— Best Wallet (@BestWalletHQ) December 13, 2024

One such token was Catslap (SLAP), which recorded 2,500% gains for its holders after launch.

The BEST token is the governance token of Best Wallet’s expanding ecosystem, which includes the wallet, Best DEX, and the upcoming Best Card.

You can also earn a huge annual percentage yield of 384% by staking your BEST tokens.

Investors can currently purchase $BEST for $0.02335. Buy soon to lock in the best deal as the price will increase in