The Cat Own Kimono price surged over 18% in the last 24 hours to trade at $0.000007227 as of 7:23 a.m. EST as investors rush to buy the crypto.
With the recent gain, the COK price has soared more than 92% in the past week and 326% in a month.
The Cat Own Kimono Price Forms An Ascending Channel
4-hour chart for COK/USDT (Source: TradingView)
The Cat Own Kimono price broke above the $0.000006870 resistance recently and was briefly able to break above the barrier at $0.000008138 as well, but traders quickly pushed the crypto’s price back down. As a result, COK is now resting on the recently-breached $0.000006870 mark.
Over the past 48 hours, the Cat Own Kimono price has printed a series of higher highs and higher lows to form a positive price channel. Should this trend continue, the crypto might soon attempt another challenge at the $0.000008138 barrier. A break above this point could then lead to COK climbing to as high as $0.000009280 in the short term.
However, the Cat Own Kimono price falling out of the bullish price channel in the coming 12 hours could bring an end to the altcoin’s positive streak.
Traders might subsequently book their profits, which could push the Cat Own Kimono price below the aforementioned $0.000006870 mark. Continued sell pressure could see COK plunge to $0.000005410.
Technicals Suggest The Cat Own Kimono Price Might Pull Back
Technical indicators on COK’s 4-hour chart warn the Cat Own Kimono price might undergo a correction soon. More specifically, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are showing negative signs.
A major bearish technical flag was triggered by the RSI indicator in the last few hours when the RSI line crossed below its Simple Moving Average (SMA) line. Now, the gap between the two lines is starting to grow. Traders generally see this as a sign that a crypto is in a bearish cycle and that sellers are growing stronger against buyers.
Meanwhile, the MACD line is falling towards the MACD Signal line. A cross between these two lines in the next 24 hours could confirm that COK’s bullish phase has come to an end.
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