KEY TAKEAWAYS
Cookie DAO (COOKIE) reclaimed the $0.15 area after a deviation.
The COOKIE price has increased by over 80% this week.
Can the Cookie DAO price approach its all-time high?
The crypto market has rebounded this week, and altcoins have shown impressive strength.
One of the best performers is Cookie DAO (COOKIE), which has increased by over 80% this week.
After COOKIE reclaimed a significant horizontal level, it is on the precipice of a breakout from the 0.382 Fibonacci resistance.
Will it be successful, and if so, how much further can the rally continue? Let’s find out.
COOKIE Price Reclaims Support
The weekly time frame COOKIE chart analysis shows that the price deviated below the $0.15 horizontal support area in April (black circle).
The $0.15 support area is critical since it has acted as support and resistance since the launch in April.
After reclaiming the area, the COOKIE price confirmed it as support (green icon) and created a bullish candlestick with a 90% magnitude.
The COOKIE price trades at the 0.382 Fibonacci retracement resistance level, a breakout above which could lead to $0.45.
Technical indicators have also turned bullish. The Relative Strength Index (RSI) moved above 50 while the Moving Average Convergence/Divergence (MACD) made a bullish cross (black arrow).
So, the weekly time frame analysis suggests the COOKIE price will break out above $0.30 and go to $0.45.
COOKIE Price Rallies
The short-term analysis gives a bullish COOKIE prediction because of the price action, wave count, and indicator readings.
The wave count suggests the COOKIE price has just started wave three in a five-wave upward movement (green).
Technical indicator readings are also bullish since the RSI broke out from its bearish divergence trend line (orange).
Furthermore, the MACD made a bullish cross, another sign that suggests the trend is bullish.
If this Cookie DAO price prediction is accurate, the coin will reach a local top at $0.45 and possibly continue higher.
Upward Movement Will Continue
The COOKIE price showed long-term strength by reclaiming the $0.15 horizontal area and confirming it as support.
The short-term COOKIE prediction suggests the price is in the most rapid portion of its five-wave increase.
The upward movement could continue until at least $0.45 and likely higher
