COTI Coin Retests its Red Trendline as it Attempts to Break out Higher
COTI has been trading within a range since the start of 2023, attempting to reclaim its red trendline as support. If successful, COTI may be able to break higher and rally via the green pathway toward the orange resistance near $0.1150.
COTI weekly price chart (Source: TradingView)
A weekly close above the red diagonal could potentially confirm a successful retest and provide bullish momentum for COTI. Unfortunately, COTI performed a weekly close below the red trendline, leading to a failed retest and subsequent price drop. It’s possible that after struggling to break higher, COTI may be attempting to flip the red diagonal back into resistance before it can rally further.
Coti is trading at $0.102, up by 0.67% on the day. The price has formed above its daily support at $0.101, which could potentially lead to a bounce higher if COTI reclaims the red trendline. If successful in this attempt, it is likely that traders may look for further opportunities as the green pathway would be back on the cards again.
With COTI near its overall resistance level of $0.1150, traders should keep a close eye on the price action in the near future to determine whether COTI will be able to break higher or if it falls back into its range. Looking at the technical analysis on the daily chart, COTI is trading inside a rangebound pattern. The price has tested the red trendline three times, but it has been rejected each time. The daily moving averages are currently coiling, which could indicate a potential breakout in either direction soon.
COTI/USD 1-day price chart, Source: TradingView
The Exponential Moving Average (EMA) is flat, which suggests the price may remain in its range while the 50-day MA is pointing downward, indicating a bearish trend. The Relative Strength Index (RSI) is also pointing downwards and is currently at 57.
The MACD line is trending lower, indicating a bearish bias in the near term. The Stochastic RSI is currently at 22 and is pointing downwards, suggesting that the price could remain rangebound for some time before making any decisive moves higher or lower.
Overall, COTI appears to be attempting to break out of its range-bound pattern and reclaim its red trendline as support. If successful, COTI could potentially rally via the green pathway toward its overall resistance near $0.1150. A weekly close above the red diagonal would indicate a successful retest and provide bullish momentum for COTI in the coming days.
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