- COTI has closed above a key support area, sustaining a bullish momentum.
- Current support has been consistent since the summer of 2022.
- COTI could climb towards $0.1 if bullish momentum is sustained.
The crypto analyst Rekt Capital has confirmed a bullish sentiment for COTI, the native token of the decentralized payment transaction network COTI.
While sharing a screenshot of his chart analysis and explaining the patterns, Rekt noted COTI’s price at $0.084915 to be above significant support. According to Rekt, COTI needed to establish a bullish momentum by displaying measurable stability around this region. If that happens, the price will climb toward the $0.1 level.
$COTI has bounced back above the blue levelThis is exactly what #COTIUSDT needs to do to set itself up for a reversal from hereContinued price-stability here for #COTI is crucial if it is to develop bullish momentum & rally to the red diagonal again#BTC #Crypto #Bitcoin https://t.co/ecBJ1MVZcw pic.twitter.com/1ME0h6GRA3— Rekt Capital (@rektcapital) February 14, 2023
Recently, Rekt has paid close attention to COTI’s price development. In a post shared about 21 hours earlier, Rekt noted COTI’s price behavior around the $0.084861 level. A level that he considered being weekly support. Rekt predicted that the said level was critical to COTI’s future price development. Closing above the level would signify a bullish trend while closing on the other side would flip the support for resistance.
In the overall trend, Rekt believes the $0.084861 level to be critical in the scheme of things. Since the summer of 2022, the level has acted as a support for COTI/USD three out of the last four times it was tested. That qualifies it as a crucial level to consider under technical analysis.
COTI surged along with other cryptocurrencies at the beginning of the year, rallying from $0.05058 to $0.1235 before retracing to its current level. As of the time of writing, COTI traded at $0.08583, having gained 1.92% in the last 24 hours.
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