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02/25/2024

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COTI Price Surges by 45%

COTI’s price has soared by 45% in the last day, hitting $0.1862 with trading volume surging 231% to $343 million.Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On ...

COTI Price Surges by 45%

COTI’s price has soared by 45% in the last day, hitting $0.1862 with trading volume surging 231% to $343 million.

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This surge mirrors the significant growth in DeFi platforms like Uniswap, Compound, Sushiswap, and Aave, driven by increasing interest during the AI craze. Other tokens, including 1Inch Network, Raydium, and Compound, also experienced substantial surges.

COTI Price Analysis: Bulls Rally Amidst Volatility

COTI USDT Analysis By Tradingview

The COTI price recently broke free from a prolonged consolidation phase, surging sharply and reaching a high of $0.2405 after finding strong support at $0.05507. However, profit-taking by sellers triggered a correction, temporarily pushing prices lower. Yet, the bulls quickly regained control, propelling the price back up in a sustained bullish trend.

Currently, the price of COTI is trading above both the 50-day and 200-day Simple Moving Averages (SMAs), indicating robust bullish momentum. Additionally, the moving average cross at $0.04905 further reinforces the overall bullish sentiment surrounding COTI.

While the Relative Strength Index (RSI) suggests a consolidation phase, it is trending upwards, rebounding from the 50 midline level and currently sitting at 88 in the overbought zone. This indicates significant buying pressure in the market, underscoring the resilience of the bulls.

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COTI Price Outlook: Bulls Eyeing New Highs

With support from both the Simple Moving Averages (SMAs) and the Relative Strength Index (RSI), the COTI price maintains a bullish bias, providing momentum for the bulls to target a new high at $0.3052. This represents a potential increase of 30% from the current price, highlighting the optimism among investors.

However, in a contrasting scenario, bears might exploit the current resistance level, potentially triggering a further correction. This could lead the bulls to retreat towards the $0.1560 support level as they navigate through market volatility and potential sell-offs.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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