COW’s price surges 220% after Binance listing – What’s next?

• COW’s value rallied by triple digits after Binance itemizing.
• Token’s overvaluation can probably set off sell-offs.

CoW Protocol [COW] has captured vital consideration following its current debut on Binance.

The main crypto trade’s announcement of the COW/USDT spot buying and selling pair, which launched on sixth November, set the stage for a dramatic value rally. 

In a single day, COW’s value skyrocketed 220%, climbing from $0.24 to a peak of $0.77, at press time, as merchants rushed to capitalize on the newfound publicity.

On the time of reporting, the worth had already retreated to $0.54, representing a notable 16% achieve over the previous 24 hours, in accordance with CoinMarketCap. 

Analyzing COW’s value motion: Is a pullback imminent?

Whereas the preliminary surge in COW’s value mirrored vital bullish momentum, its sustainability remained below query.

Thus, COW’s each day chart was examined intently by AMBCrypto, revealing that it was overbought.

This was evidenced by the token buying and selling above the higher Bollinger Band. Moreover, the enlargement of bands signaled heightened volatility. 

Supply: TradingView

The Chaikin Cash Move (CMF) indicator dipped under the zero line, standing at -0.06 at press time.

This indicated that some traders have been cashing out their positive aspects. If this development continues, COW might drop to search out help at $0.35.

Breaching this stage may push the worth additional all the way down to $0.30, a vital help stage near the 20-day transferring common. 

Failure to carry this base can probably set off a bearish development, doubtlessly sending COW all the way down to $0.24, or in a worst-case state of affairs, $0.16.

COW and CETUS enter Binance

Along with COW, Binance additionally listed Cetus Protocol (CETUS), on the identical day. This transfer comes as KuCoin additionally selected to list COW, reflecting the rising curiosity within the protocol.

For these unfamiliar, CoW Protocol is a meta-DEX aggregation platform on the Ethereum [ETH] blockchain. It optimizes commerce execution by utilizing commerce intents and batch auctions to safe one of the best costs for customers out there. 

Alternatively, the Cetus Protocol operates as a decentralized trade [DEX] with a concentrated liquidity protocol constructed on the Sui [SUI] and Aptos [APT] blockchains.

The Seed Tag classification

It’s value noting that Binance’s itemizing of COW and CETUS comes with the applying of the Seed Tag. The trade launched this designation in July 2023 to establish modern initiatives. 

The tag signifies {that a} token might current greater volatility and dangers in comparison with different listings on the platform. It now applies to all tokens that beforehand have been within the Innovation Zone.

Past spot buying and selling: Extra alternatives for COW

Binance’s announcement was not restricted to identify buying and selling.

The trade additionally revealed that the token can be built-in into a number of providers on the identical day, together with Binance Easy Earn, Purchase Crypto, Binance Convert, Binance Margin, and Binance Futures. 

Learn CoW Protocol [COW] Worth Prediction 2024-2025

Moreover, Binance Auto-Make investments is about to incorporate COW help on seventh November.

With broader integration into Binance’s buying and selling ecosystem on the horizon, COW’s long-term outlook stays an intriguing prospect for merchants and traders.