COTI SHOULD BE BULLISH - IS COTI BULLISH?
Always take in consideration non of this information is financial advice or official announcement from any specific project, I’m no financial advisor, trader or expert, this is just my personal opinion on certain project mention on this article, cryptocurrencies are extreme high risk assets and you must do you own research, never follow what I or other people say on internet
COTI SHOULD BE BULLISH - IS COTI BULLISH?
https://coti.io/
https://twitter.com/COTInetwork/with_replies
https://explorer.coti.io/
From the perspective of what COTI is, it is nothing we have not seen before in crypto and it's perfectly fine
Coti is a is a digital currency and payment platform
By definition we have seen this over and over in the crypto space but there are other key factors that can skyrocket like community and marketing, I can't talk about the community because I'm not part of it but doing some research I can see that since 2019 they have worked on the project and making announcements of real crypto problems that need to be solve, some that already partly solve.
There most two recent announcements that probably gave life back to this project are:
Coti parnership with SimpleX
https://www.crypto-news-flash.com/coti-can-now-be-purchased-via-apple-pay-following-simplex-integration/?_unique_id=603f950f28dc2Apple Pay integration
https://cointelegraph.com/news/apple-pay-integration-and-staking-3-0-launch-push-coti-price-to-a-new-high
Besides this two news they also announce a debit card that would work with bank accounts so ppl can spend easier their crypto, potentially a similar model as other projects like crypto.com , don't get me wrong I'm not saying that COTI is a dead-end but if you have been on this space for sometime I'm sure you have seen similar projects, also this doesn't mean that COTI can be successful at the same time Crypto.com does, the world is big enough.
COTI DAILY USD Chart
Click Here Full Size Image
Since november last year the interest in COTI has increase, along with the bull market face that the crypto space is in now it was very easy as many other altcoins for the price to increase, keep in mind that COTI full nodes need 5,000,000 coins to run the node, at current price that's about $2,592,410.00 per node that is lock down so those coins are not moving plus that based on Coingecko data shows 669,740,238 coins as circulating supply, I don't usually make deep research on the projects just TA about their chart but this one got my attention after I saw a couple of guys excited about what the price was doing so I jump in after Binance Futures listed the coin because of volatility but then decided to read a bit about it to find out if it was also a good spot trade for the future.
COTI DAILY BTC Chart
Click Here Full Size Image
The price started to bottom out on December last year and from there it started to ramp up, lets cut the speculation right here and to be honest this is potentially IN MY OPINION (I'm probably wrong) not a project I would like to hold on spot.
COTI DAILY USD Chart (Binance)
Click Here Full Size Image
COTI came to Binance Futures with a lot of momentum from itself plus the bull market situation so after touching Binance Futures it skyrocket again, that's unusual tbh, most coins dump and then start to recover fast, using this chart I mark a few levels like prev highs with previous monthly tops that might work as support areas, after the Apple Pay integration announcement it went up so fast on just two days that the next move doesn't impress that much, retracing almost 50% on that move makes me think why? were there sellers waiting to dump it but then it pump again making new all time high but not too far from its previous top.
COTI DAILY USD Chart (Binance)
Click Here Full Size Image
Bullish Scenario: COTI could cool down taking a break between $0.40 to $0.50 that puts it right at the first potential bounce area in the FIB 0.382 to then slowly go up and potentially stay above $0.50 to then keep grinding for a new all time high or continue to go down into the FIB golden pocket 0.618 and form a double bottom at $0.30 to then recover and keep going up slowly but surely.
No Bueno Scenario: braking down the $0.25 from last month top would be a very very bad sign for the price of COTI and potentially confirm that this entire move was just a result of excellent marketing.
I'm still bullish on COTI until the chart shows something different, would go long if it can stay above $0.40 in the next week, got COTI on my watch list although Im not jumping unto this trade right now, it will potentially start to correct soon.
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