Cow Protocol (COW) Breaks a Key Resistance

The Cow Protocol token has appeared on the top-performing coins as of the time of writing. The token takes the second spot on the list with a price growth of just 4.15%. As a result, the price of this coin stands a chance of rising further, but let’s take a closer look below.

COW Statistics

Current Price: $0.1907

Market Capitalization: $102.24M

Circulating Supply: 529.56M

Total Supply: 1B

CoinMarketCap Rank: 286

Key Levels

Resistance: $0.2000, $0.2250, $0.2500

Support: $0.1900, $0.1650, $0.1400

Cow Protocol Gains Positive Ground but Faces an Uphill Task

As noted above, the COWUSDT market has inched higher as of today. The last price candle sits just atop the 9-day Exponential Moving Average (EMA) line. The mentioned price candle has a small upper shadow, and as such shows that downward forces are active but upside ones are keeping the edge.

Meanwhile, the lines of the Stochastic Relative Strength Index (SRSI) indicator have risen significantly into the overbought region, hinting at a modest upward retracement. This suggests weakness, as the overall downward correction may subsequently resume.

COWUSDT Looks Resisted

Price activity in the Cow Protocol 4-hour market can be seen to have risen significantly past the 9-day EMA curve. And although the previous and ongoing sessions are green price candles, they seem to have come against similar challenges.

This keeps price action in this market below the $0.2000 mark. However, with price action above the 9-day EMA curve, upside hope stays on at the moment. The SRSI indicator lines can be seen already at the 100 mark of the indicator. The lead line is already dragging sideways at the 100 mark. As such, the $0.2000 price level seems like a good resistance to target in this market.

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