The COTI price printed three green daily candles June 6th – 8th to breakout to the upside, now up 13% this week and 60% from the 2022 lows.

The COTI crypto token is trading around $0.135, having hit $0.0841 around the time of the Terra (LUNA) crash when many altcoins sold off amid the panic, as well as Bitcoin dropping to around $26,000.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

COTI Crypto Price Prediction

The three bullish daily candle closes in a row were 3%, 3.5%, and 7.7% moves.

Not quite a three white soldiers candlestick pattern – for that bullish pattern each candle would need to close above the previous daily high wick – but close to it. The COTI price may be on the way to retest the $0.16 level and fill the gap between that and $0.17.

The next major resistance levels would be $0.18 – $0.19 around the April monthly close, followed by the 2022 yearly open of $0.35 which rejected the price action in April.

COTI breakout

COTI price chart – daily timeframe

COTI (ticker symbol also COTI) has a market cap of $140 million and a circulating supply of 1.05 billion coins – 52% of its max supply (2 billion COTI coins) is unlocked. It’s ranked #170 on Coinmarketcap.

Trading volume has spiked 65% in the past 24 hours, suggesting buyer interest at these levels – as the COTI price is back at mid 2021 historical support levels. The 2021 lows were swept during the LUNA crash and quickly bought back up, with the May candle closing back above $0.13.

The COTI all time high was $0.69 set in October 2021 and the COTI price has corrected 88% since then.

On a macro timescale it can still maintain its bullish market structure of higher highs and higher lows if it starts closing monthly candles above $0.15. The wick below the 2021 low would then end up as a short-lived deviation below the range low.

The COTI price could go up in the remainder of 2022 and early 2023 to make a new all time high and still have a market capitalization under $1 billion – which is nothing for an altcoin in a bull market.

From a technical analysis standpoint, closing a monthly candle above the $0.20 – $0.25 area would be a convincing breakout of the current downtrend and diagonal trend line and signal the start of a new uptrend.

COTI monthly chart

COTI price history – monthly chart

What is COTI?

COTI coin is the native token of the COTI blockchain protocol which is a platform for Fintech companies to build decentralized payment solutions, and digitize any currency into a stablecoin.

Founded by the COTI Group which launched in 2017, the COTI project is a DAG (directed acrylic graph) protocol using a proof-of-trust consensus algorithm. The COTI staking pool launched in January 2020 and the COTI crypto token was listed on Binance shortly after in February 2020, then on Coinbase in August 2021.

The COTI protocol uses Trustchain, a decentralized ledger allowing for 100,000 tps – transactions per second.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

Is COTI Partnering with Cardano?

It was first announced by Charles Hoskinson in September 2021 that COTI would issue a stable coin Djed on Cardano, acting as a payment gateway provider for Cardano.

Djed would be the first stable coin on the Cardano network, and be used to make the network more predictable and cheaper to use, reducing the volatility of gas fees.

After months of development, COTI launched the Djed stable coin public testnet on the Cardano chain in early May 2022 – although the news headlines were taken up by the LUNA and TerraUSD (UST) collapse. It wasn’t a good time to launch an algorithmic stablecoin.

The Cardano team – which had raised concerns over LUNA prior to the crash – have emphasised the Djed stablecoin uses a reserve token Shen and smart contracts to ensure it doesn’t lose its peg in volatile market conditions.

Justin Sun and Tron have also announced the mainnet launch of their new stablecoin USDD with a guaranteed collateral ratio of 130%, higher than that of DAI, and available to view in real-time on the Tron DAO Reserve website.

On the fundamental analysis side, COTI have also been striking many other strategic partnerships including with Ardana, CardWallet, Centaurify, OccamFi, and Simplex to collaborate on incorporating DeFi solutions into traditional finance (TradFi).

COTI has also partnered with several decentralized exchange (DEX) platforms – AdaSwap, MeowSwap and SundaeSwap to list and implement use of its Djed stable coin.

It may take time before the COTI price forecast reflects the work it’s been doing behind the scenes in the decentralized finance sector. Many investors have bullish long term COTI price predictions though as COTI coin didn’t retrace as deep as other crypto projects over the 2022 bear market.

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