COTI soared by more than 60% after Coinbase (NASDAQ:COIN) announced it would add support for the asset.
Key Takeaways
- Coinbase Pro has announced that it will make COTI available for trading on Aug. 26.
- The announcement has led to a significant spike in volatility.
- As long as COTI can hold above $0.40, it could target a new all-time high of $0.74.
Enterprise-grade fintech platform COTI has seen the price of its native token skyrocket shortly after Coinbase Pro announced its listing.
COTI Skyrockets on Coinbase Listing
Like other cryptocurrencies that have been listed on Coinbase Pro, COTI is trending up following an announcement that it would go live on the platform. In a blog post, the San Francisco-based cryptocurrency exchange announced that starting on Aug. 26, users will be able to trade COTI on their respective accounts.
Once the “liquidity conditions are met,” COTI will become available for trading against Bitcoin, the US dollar, the euro, and the British pound.
Order books are expected to launch in three phases: post-only, limit-only, and full trading. The blog post says:
“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading.”
COTI shot up following the announcement. The payment-solutions token has surged by more than 60%, going from a low of $0.30 to a high of $0.49 within an hour. Although COTI took a 20% nosedive after the peak, increased buying pressure could see its price advance further.
The Fibonacci retracement indicator (measured from the $0.60 high of Mar. 8 to the $0.089 low of Jul. 20) suggests that the $0.40 level must hold as support for the optimistic outlook to prevail.
Under such unique circumstances, prices would likely take another attempt at the $0.49 resistance level. Slicing through this supply barrier could push COTI to a new all-time high of $0.74.
Although more gains can be expected, it is worth noting that insiders who bought in earlier might dump their holdings on unaware retail investors. It is essential to pay close attention to a decisive breach of the $0.40 support level as it can lead to a downswing to $0.34 or even $0.28.