CoW Protocol’s Daring Dance with Fortune: Will the Gains Last or Flee?

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Key Takeaways

Ah, the CoW Protocol—a delightful creature of the digital realm—has pranced forth with a most exuberant leap of over 23% in mere 24 hours. Yet, one must ponder: Is a profit of 70% among the traders akin to a banquet of riches sufficient to sustain this jubilant revelry? 🤔

The illustrious CoW Protocol [COW], that phoenix of the financial ether, has strung together an impressive melody of gains over the past month. As the clock ticks on this riveting day, COW has ascended by 23% in the preceding 24 hours, serenaded by a volume of a staggering $150 million. 💰

Ah, but fret not, dear reader, for CoinMarketCap unveils further intrigue: The DEX volume of COW eclipses that of its rival, the ever-dramatic 1inch [1INCH]. Such grandiosity in price motion, combined with a liquidity that bubbles like champagne, offers our spectators delightful insights into this thrilling altcoin performance.

Will COW defend its gains?

As the COW with all its splendor furthers its price to a resplendent $0.46, it heralds the departure from a shadowy bearish cocoon. 🦋

This metamorphosis is not without merit, as the dash from the trendline resonates with a thunderous retest at $0.27. A magnificent second retest at this very level births a double bottom, an apparition signaling the end of such dreadful corrections.

With the price gleaming at $0.46, adorned with equal highs, a break above this hallowed threshold may see our COW galloping toward a lofty $0.88, approximately restoring its glory above the mythical $1. 🌟

The fervor of this ascent is bolstered by the on-balance volume (OBV), which, despite basking in the negative abyss, has catapulted from a low of -$738M to a relatively sprightly -$91M as I pen this. 📈

Yet, as we embrace the sunlit side of the moon, one must assess the shadow lingering upon the horizon. Should our beloved COW revisit $0.27, it could simply reenact the bullish play, all the while swaying gracefully to the music of equal highs, though a break below could shatter our daydream. ⚡

Beyond mere structure, what other whims of fortune will dictate the fates of our dear COW?

Will profits lure more holdings?

Diving deeper into the captivating waters of IntoTheBlock data reveals a sumptuous feast for holders, as a remarkable approximately 71% find themselves draped in the silks of profit, with a mere 29% wallowing in the mire of losses. 🍷

As more traders revel in their gains, one can only imagine the tantalizing allure to hold onto these treasures, hoping to fatten their fortunes further.

Delving into the profitability data illuminates critical areas demanding our affectionate scrutiny. Resistance zones glitter between $0.46-$0.73 and $0.73-$1.55, where amassed bounties of 55.77 million and 230.62 million tokens gleefully await. 🏰

On the other hand, the essential support zones play coyly between $0.30 and $0.38, with over 234 million COW fluttering about, like butterflies in a garden of speculation.

The nuanced behavior of our traders is of utmost interest, as holders often take joy in securing profits or slashing losses when dancing within these captivating zones.

Can liquidity derail this surge?

Ah, but amidst the anticipation of further soaring heights, the fickle mistress of liquidity may yet play an untimely card. According to our wise friend CoinGlass, the longs of a 50X leverage are receding as they approach the elusive $0.45. ⏳

Meanwhile, the shorts, like lurking shadows with more vigor, begin to coalesce at this very level, suggesting that our derivative traders may be preparing to rain on this crypto parade.

Let us not forget, dear audience, that the grand puppeteers of the trading world—Binance and Bybit—command much of this delightful token’s fate. Oh, how Bybit shines with its volume, commanding short liquidations with a mighty leverage totaling a cool $2.90 million at this very moment. 🎩

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2025-07-16 19:18