Cookie Coin has rallied over 27% after bouncing from a high-confluence support zone. With price now testing major resistance, consolidation could pave the way for a breakout toward higher targets.
Cookie Coin (COOKIE) has shown remarkable strength, rising more than 27% following a precise bounce off a high-timeframe support level at $0.15. This wasn’t just any level, it marked the confluence of multiple technical indicators, including the 0.618 Fibonacci retracement, the channel low of a bullish trading channel, and the 200-day moving average. The alignment of these indicators provided a high-confidence entry zone, which has now led to a powerful upside move.
Currently, Cookie is trading at a key resistance area near $0.22, a level that demands attention from both bulls and bears. This resistance aligns with the upper boundary of the bullish trading channel, as well as a volume profile value-up resistance pulled from the all-time high. Despite testing this critical zone, Cookie remains structurally bullish.
Key technical points
- Major Support Held: $0.15 support held strong, backed by 0.618 Fib, 200 MA, and channel support
- Current Resistance: Testing $0.22 zone, in confluence with HTF channel resistance and volume node
- Market Structure: Higher highs and higher lows remain intact
- Potential Next Target: Breakout above $0.22 could send price toward $0.26
The recent move from $0.15 to $0.22 was not only sharp but also technically sound. The support zone at $0.15 acted as a stronghold of confluence, providing a solid launchpad for this breakout. As Cookie now tests the $0.22 resistance zone, it faces its next significant challenge.
A clean break above this resistance may not occur immediately. Given the scale of the recent move, a consolidation phase would be a healthy development. Ideally, traders should look for the formation of a bullish pennant or a short-term ascending channel just below resistance. These structures often precede breakout moves, allowing the market to gather momentum.
While there’s always the possibility of a continued pump without consolidation, the more sustainable path would involve some sideways movement that builds pressure beneath the $0.22 level. If that occurs, it could act as a launchpad toward the next resistance at $0.26, a natural magnet for price continuation.
What to expect in the coming price action
If Cookie consolidates under $0.22 and maintains its bullish structure, a breakout toward $0.26 is highly probable. The overall trend remains strong, and technicals support continued movement to higher levels with a confirmed bullish setup.
