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COW crypto has seen a dramatic surge of over 50%, reaching unprecedented heights and drawing attention from investors worldwide. As the cryptocurrency continues to soar, experts are left questioning whether it will continue its upward trajectory and reach new all-time highs by the end of December.
According to data from Santiment, CoW Protocol’s trading volume has hit an all-time high, surpassing $461 million as of the 16th of December. This surge in activity is accompanied by a significant increase in daily active addresses, with the number peaking at a remarkable figure.
The price action has been nothing short of remarkable, breaking above the $0.60 level and now hovering near the coveted $0.93 mark. A sustained close above this point could potentially pave the way for CoW Protocol to challenge its all-time high. Conversely, any retracement may find initial support at the 50-day moving average around $0.43.
The recent surge in trading volume is aligned with a notable increase in daily active addresses, further supporting the bullish sentiment. Data from Santiment shows that this figure peaked significantly around the 15th of December before slightly retreating. This uptick underscores increased network participation, likely driven by the recent surge in price and trading volume.
The convergence of soaring trading volume, rising active addresses, and significant price gains paints a bullishly oriented outlook for CoW Protocol. The sustained activity suggests that market participants are increasingly optimistic about its long-term potential. However, investors should remain vigilant for possible short-term corrections due to the Relative Strength Index (RSI) indicating overbought conditions.
Should the cryptocurrency continue on this trajectory, it is likely that we will see further gains, potentially reaching new all-time highs by the end of December 2024.
Source: ambcrypto.com
