Cover Protocol Breakout Analysis – Cover Pumps +42% in a Single Day

By Malik Junaid December 11, 2020 In Crypto News, Market Analysis, Trading

Cover is trading in active uptrend here like many other altcoins. The Cryptocurrency Cover Protocol just went up +42% in a single day and surges over +126% in a week.

What is COVER?

COVER Protocol provides peer to peer coverage with fungible tokens. It lets the market set coverage prices as opposed to a bonding curve. COVER Protocol allows DeFi users to be protected against smart contract risk. It stabilizes the turbulent DeFi space by instilling confidence and trust between protocols and their users. By bridging the gap between decentralized finance and traditional finance, COVER Protocol will open the doors of DeFi to all investors.

COVER Quick Stats

SYMBOL:COVER
Global rank:264
Market cap:$67,431,440 AUD
Current price:$1,500 AUD
All time high price:$1,813 AUD
1 day:+42.5%
7 day:+126.4%
1 year:+152.7%

COVER Price Analysis

At the time of writing, Cover is ranked 264th cryptocurrency globally and the current price is $1,500 AUD. This is a +126.4% increase since 4th December 2020 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above 30-Minute candle chart, we can clearly see that Cover was trading inside the falling wedge pattern on the COVER/BUSD pair. The first resistance was on the $1250 AUD price levels which COVER broke with a strong bullish trend buying volume and is now heading towards the All-time high price. Seeing that many altcoins are bearish today but COVER is likely to continue to increase.

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“The falling wedge pattern is a continuation pattern formed when price bounces between two downward slopings, converging trendlines. It is considered a bullish chart formation but can indicate both reversal and continuation patterns – depending on where it appears in the trend”

What do the Technical indicators say?

The  Cover TradingView indicators (on the 1 day) mainly indicate COVER as a Neutral.

So Why did Civic Breakout?

The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up COVER to their portfolio for this Altcoins rally. It could also be contributed to some of the recent news having Initial Implementation of Creame V2 & Cover.

Recent COVER News & Events:

30 November 2020 – Coverage for Defi Space

02 December 2020 – Cover Meme Contest

03 December 2020  – MXC Listings

04 December 2020 – Cover/Bor Partnership

10 November 2020 – CoinEx Listings

Where to Buy or Trade Cover?

Cover has the highest liquidity on Binance Exchange so that would help for trading COVER/BUSD or COVER/ETH pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.

Malik Junaid
Author

Malik Junaid

Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.

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