COW Cryptocurrency Surges 50%: Will Price Hit New Highs in December?
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The CoW Protocol [COW] has reached a major milestone, with transaction volume surging to an all-time high. The surge surpassed the previous high of $361 million in November and reflected increased user engagement.
COW’s price also surged by more than 50% as trading volume surged, indicating strong bullish momentum as it neared the $1.00 mark.
CoW protocol’s transaction volume surges
The CoW protocol’s transaction volume has increased significantly recently, growing sixfold in a short period of time.
The protocol’s daily trading volume surged from baseline levels to over $461 million as of December 16, according to Santiment data.
Further analysis showed that this was an all-time high. The previous record of $361 million, the second such record, was set in November.
Increased activity levels often indicate increased user engagement or liquidity injections, which could lead to further price increases.
COW Cryptocurrency About to Hit New Peaks?
Along with the surge in trading volume, CoW’s price has also shown a sharp upward trend, rising by more than 50% in recent trading days. On the daily chart, CoW broke above the $0.60 level and is currently hovering around $0.93.
The price surge was accompanied by a significant increase in trading volume, indicating strong bullish momentum.
Notably, the relative strength index (RSI) has entered overbought territory at 77.65, indicating increasing buying pressure.
The bullish trend is further highlighted by the Aroon indicator, with the Aroon Up indicator reaching 100%, showing strong upward momentum, while the Aroon Down indicator continues to be suppressed.
A sustained close above $1.00 could pave the way for the CoW protocol to test its all-time highs.
Instead, any pullback is likely to find initial support around the 50-day moving average at $0.43, followed by psychological support at $0.60.
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