COTI Price Prediction As Bullish Reversal Pattern Hints a 40% Surge Ahead

COTI Price Prediction: COTI, the native digital currency within the COTI network has gathered the attention of crypto investors with its remarkable rally amid an uncertain market sentiment. This asset rising for five consecutive days has recorded 163% growth to reach the current trading price of $0.23. Moreover, the bullish upswing escaped a nearly two-year-long accumulation indicating the potential for further growth.

Also Read: Bitcoin Price Prediction: Key Levels To Focus In Wavering Market Condition

Will the COTI Price Rally Hit $0.4?

The COTI coin entered the current recovery trend in late October 2023, when the price bounced back from $0.035. This reversal has surged 556% within the past 5 months to reach the current trading price of $0.23.

However, a notable growth in this rally was recorded recently as COTI has unveiled an encryption technology, “Garbled Circuits,” marking a major leap in blockchain privacy and security. This innovation, central to COTI’s Version 2, is poised to transform the blockchain landscape with its exceptional efficiency, boasting computation speeds 1000 times faster than Fully Homomorphic Encryption (FHE) systems, 100 times reduced latency, and 250 times lesser storage needs. 

Following this announcement on the X platform (formerly Twitter), the COTI token witnessed a remarkable price surge, underscoring the market’s positive reception and high expectations for the impact of this breakthrough on the blockchain ecosystem.

We've achieved a breakthrough in blockchain encryption to be used on the blockchain for the very first time! 🌐
This innovation promises to revolutionize privacy and security in the blockchain space.

Dive into this 🧵to learn more
[1/8] pic.twitter.com/CwbKOEeZ1x

— COTI Foundation (@COTInetwork) February 20, 2024

Moreover, a look at the daily time frame chart shows that the COTI price witnessed nearly 21 months of consolidation below the $0.146 level. A recent escape from this sideways trend reflects a major change in the market dynamic and the potential of a new bull run.

Also Read: Major Shift in Bitcoin Investing Dynamics Ahead Halving: Matrixport

Rounding Bottom Pattern Carries Bullish Trend

An analysis of a larger time frame shows the COTI price breakout from long accumulation is developing into a rounding bottom pattern. This chart pattern is a common sign of an asset hitting bottom and initiating a new recovery trend.

With an intraday gain of 12%, the coin price teases a bullish breakout from the $0.243 resistance. This breakout provides buyers with another stepping stone to prolong the current recovery. This post-breakout rally may chase the potential target of $0.337, followed by $0.426. 

Also Read: Bitcoin, ETH, XRP Saw $5.7 Bln Inflows Ahead Big Developments

Technical Indicator 

• Average Directional Index: The ADX slope at 55% indicates the COTI buyers are carrying an exhausted rally, and may need a pullback to regain strength.
• Exponential Moving Average: In case of possible pullback, the fast-moving 20 EMA slope would act as the first line of defense for buyers.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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