Cookie Token Tests Key Support—Will the Floor Hold or Fold?
Crypto's sweetest-named asset wobbles—but traders aren't biting their nails just yet. The $COOKIE chart shows stubborn defense at a critical price level, turning this dip into a high-stakes game of chicken between bulls and bears.
Technical take: That support zone's acting like a trampoline...for now. Break below? Things could get crumbly. Hold? Another leg up might be baking.
Meanwhile, Wall Street 'experts' still can't decide if this is digital gold or a speculative dessert topping. Some things never change.
Key technical points:
- Support Flip: Previous resistance has now flipped to support, showing early signs of validation.
Technical Confluence: The 200 moving average and the 0.618 Fibonacci level align with this support zone. - Bullish Market Structure: Cookie maintains a series of higher highs and higher lows.
- Volume Decline: The recent pullback came on decreasing volume, indicating a potential correction rather than trend reversal.
- Upside Target: A successful reversal could see price reach high time frame resistance at $0.30.
Price action on Cookie is now testing a former resistance zone that had repeatedly capped upward moves. Following the latest pullback, this area has turned into support, creating a compelling case for a bullish retest. The fact that it coincides with both the 200 MA and the 0.618 Fibonacci level adds significant technical weight.
Importantly, the overall trend remains bullish. Despite recent corrective movement, Cookie has maintained its pattern of higher highs and higher lows. The pullback itself occurred on declining volume, behavior that often characterizes healthy retracements within broader uptrends. This suggests the current move is more likely a pause than a breakdown.
For the bullish scenario to unfold, a rise in volume will be crucial. Volume confirmation WOULD indicate renewed demand and could serve as the catalyst for a breakout. The next major target sits at $0.30, a high time frame resistance level that may act as a magnet if momentum builds.
What to expect in the coming price action
If Cookie holds this key support and volume begins to rise, it sets the stage for a push toward $0.30. Traders should monitor volume closely, its behavior will likely determine the strength of any upside move.
