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COTI Price Analysis: COTI price above $0.5502 support level, set for further growth?

COTI price analysis

TL;DR Breakdown

  • COTI price analysis is bullish for today, up by 1.3%.
  • COTI price resistance at $0.5700, which currently isn’t broken.
  • Another important resistance is at $0.6255.

The COTI price analysis is bullish for today as the price is trading above the support zone of $0.5502. The entire market has seen a sudden bullish growth as the price of Bitcoin surged from $42.6K to $43.2K. If Bitcoin continues to rise above this price level, the overall market sentiment is expected to turn very bullish. For now, Bitcoin has returned to the $43K zone.

According to the data by Coinmarketcap, the trading 24-volume for COTI has dropped by almost 21.53%, which is a little less than a quarter of the previous volume. The market cap for cryptocurrency has dropped by almost 7.20%. Considering the market dominance for COTI, the percentage comes at 0.03.

The support for the coin is currently at $0.5502, which holds. The resistance is present at $0.6255, which still remains unbroken as the market rank is #122. The price of the coin is currently 9197.21%, up from its all-time high, which means that COTI/USDT is definitely a good investment.

COTI price analysis: Technical indicators still bullish

Technical indicators are showing mixed signals, but the overall sentiment of COTI price analysis is still bullish. The COTI/USDT price has conquered the key Moving Averages, i.e., the 100-day and the 50-day Moving Averages. This indicates that the bulls are currently defeating the bears on the 4-hour chart.

The price action is situated in the upper end of the Bollinger Bands. This indicates that the price action is still bullish. The bulls were unable to break through the upper end of the Bollinger Bands, and we witnessed 3 engulfing red candles on the 4-hour chart. This trend was broken today, and now, the price of COTI/USDT is up by 1.3%.

COTI price analysis
COTI price analysis on the 4-hour chart by TradingView

The RSI levels indicate price volatility for the COTI/USDT trading pair. The RSI line shows a reading of 60 and is progressing upwards with a positive gradient. This indicates that the buying pressure has surged while the selling pressure has slowed down comparatively.

The MACD indicator works on the same principle as the RSI indicator, but the accuracy is greater. The MACD line, i.e., the blue line, has traversed below the signal line, i.e., the orange line. This means that in the short term, we can see bearish growth as the histogram turns red. But, if you were to look closely, the lines are closing in on each other.

COTI Price Analysis: COTI price above $0.5502 support level, set for further growth? 1
COTI price analysis on the 4-hour chart by TradingView

COTI price analysis: Conclusion

The COTI price analysis for the short term is bullish as the technical indicator remains in the bullish zone. There is a chance that the price will keep going up if Bitcoin strengthens its position at $43K. Regardless of China’s crackdown or Central Bank restrictions, Bitcoin continues to remain above $40K, which is a great sign for altcoins as well. For more elaborate predictions, take a look at the Price Predictions.

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Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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