The COTI price has bounced from an important support level, temporarily halting its ongoing downward move.
The price should continue moving upwards towards the resistance levels outlined below.
Retracement to Support
The COTI price has been falling since Aug 31, when it reached a high of $0.098. The decline has been swift, not allowing for a significant upward retracement. Since the beginning of Oct, the price has been trading near $0.03. The main support area is found at $0.028, the 0.786 Fib level of the entire upward move, while the closest resistance is at $0.0455.
Current Move
Cryptocurrency trader @The_Flash_G outlined a COTI chart, which shows an ongoing breakout from a descending wedge, targeting $0.05, just slightly above the previously mentioned resistance area.
Wave Count
Since the previous high on Aug 31, it seems that COTI has completed a bearish impulse (shown in black below), in which the fifth wave was an ending diagonal. If correct, the price should retrace upwards, possibly reaching the 0.5 Fib level of the entire downward move at $0.062. A fall below the Nov 3 low at $0.2596 would invalidate this possibility.
Conclusion
To conclude, the COTI price should resume its bounce and gradually continue moving upwards towards the targets given above. For BeInCrypto’s latest Bitcoin analysis, click here! Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.
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Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
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Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
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the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
eToro
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
eToro
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
eToro
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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