Why Is Coq Inu (COQ) Surging?

The price of Coq Inu (COQ) has surged by over 24% today and more than 40% in the past seven days according to CoinMarketCap. The price broke out of a descending channel two days ago and continues to surge upward, with the potential to continue rising for a while. However, there is a possibility of a retest of the broken resistance. The bullish momentum remains strong, which could mark the beginning of a strong bullish move for the token.

Relative Strength Index (RSI)

Looking at the RSI, the figure is presently at 57, which signals that the price is decisively on the buyers’ side. The bulls seem strongly in control. The RSI also indicates potential for more upside as it is not yet close to overbought levels. This leaves ample room for buyers to push the price higher.

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Moving Average Convergence Divergence (MACD)

The MACD appears strongly bullish as well, with the recent chart showing increased trading volume in the histogram. This points to heightened activity and more capital flowing into COQ and the broader crypto market.

In a recent X (Twitter) post, a user with the handle @Mr_Joseph_03 and display name 0xJoseph announced breaking news regarding Coq Inu’s market capitalization. Specifically, he stated that COQ has just regained a $100 million market capitalization after previously being below that threshold.

Reaching the $100 million mark is seen as an important milestone that signals renewed investor interest and confidence in a cryptocurrency project. By saying “make some noise,” 0xJoseph was calling for Coq Inu supporters and community members to celebrate this achievement for the token and spread the word about its resurgence.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.