After a recent correction, Cookie (COOKIE) is showing signs of strength at a key technical level. This region—backed by multiple indicators—has acted as a solid support base, allowing for a potential trend reversal. If price can hold this zone in the coming days, it opens the door for a bullish breakout, with targets set at $0.25 and then $0.30.
Detailed Analysis:
Cookie recently pulled back into a crucial technical zone that combines the daily horizontal support, the 200 MA, and the golden pocket of the recent move—the 0.618 Fibonacci level. This region has so far acted as a springboard, with price action beginning to base out and show signs of accumulation.
From a structure perspective, this could mark the beginning of a higher low formation—an early signal that bulls are defending this level. While volume remains moderate, the lack of a breakdown from this zone suggests selling pressure may be waning.
A clean hold above this support base would set the stage for a bullish expansion phase. The first upside target lies around $0.25, where prior resistance sits. A reclaim and flip of that level could lead to a continued rally toward the psychological and technical resistance at $0.30.
If Cookie maintains support and breaks short-term resistance with volume confirmation, the probability of a move to $0.25 and then $0.30 increases significantly. However, losing this support could invalidate the bullish outlook and lead to further consolidation.
Detailed Analysis:
Cookie recently pulled back into a crucial technical zone that combines the daily horizontal support, the 200 MA, and the golden pocket of the recent move—the 0.618 Fibonacci level. This region has so far acted as a springboard, with price action beginning to base out and show signs of accumulation.
From a structure perspective, this could mark the beginning of a higher low formation—an early signal that bulls are defending this level. While volume remains moderate, the lack of a breakdown from this zone suggests selling pressure may be waning.
A clean hold above this support base would set the stage for a bullish expansion phase. The first upside target lies around $0.25, where prior resistance sits. A reclaim and flip of that level could lead to a continued rally toward the psychological and technical resistance at $0.30.
If Cookie maintains support and breaks short-term resistance with volume confirmation, the probability of a move to $0.25 and then $0.30 increases significantly. However, losing this support could invalidate the bullish outlook and lead to further consolidation.
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Join the Free Trading Group
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Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
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Trade with perks & support the community!
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— Team The Alchemist ⚔️
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.