Cookie is currently retesting a pivotal support level with strong technical confluence. Despite declining volume, the bullish structure remains intact—raising the odds of a potential rally toward $0.30.
Cookie (COOKIE) is trading at a decisive technical level that could determine its next major move. What was once firm resistance has now flipped into support, providing a potential foundation for bullish continuation. This zone aligns with both the 200 moving average and the 0.618 Fibonacci retracement, making it a critical test of market strength.
Key technical points:
-
Support Flip: Previous resistance has now flipped to support, showing early signs of validation.
Technical Confluence: The 200 moving average and the 0.618 Fibonacci level align with this support zone. - Bullish Market Structure: Cookie maintains a series of higher highs and higher lows.
- Volume Decline: The recent pullback came on decreasing volume, indicating a potential correction rather than trend reversal.
- Upside Target: A successful reversal could see price reach high time frame resistance at $0.30.
CookieUSDT (4H) Chart, Source: TradingView
Price action on Cookie is now testing a former resistance zone that had repeatedly capped upward moves. Following the latest pullback, this area has turned into support, creating a compelling case for a bullish retest. The fact that it coincides with both the 200 MA and the 0.618 Fibonacci level adds significant technical weight.
You might also like: Top 3 reasons why the crypto market is down today
Importantly, the overall trend remains bullish. Despite recent corrective movement, Cookie has maintained its pattern of higher highs and higher lows. The pullback itself occurred on declining volume, behavior that often characterizes healthy retracements within broader uptrends. This suggests the current move is more likely a pause than a breakdown.
For the bullish scenario to unfold, a rise in volume will be crucial. Volume confirmation would indicate renewed demand and could serve as the catalyst for a breakout. The next major target sits at $0.30, a high time frame resistance level that may act as a magnet if momentum builds.
What to expect in the coming price action
If Cookie holds this key support and volume begins to rise, it sets the stage for a push toward $0.30. Traders should monitor volume closely, its behavior will likely determine the strength of any upside move.
Read more: Ethereum forecast suggests rally to $10k, new DeFi coin poised to soar alongside Tron
Read the full article here
