Contentos prices surged by more than 60 percent on March 20, 2022. This was after weeks of trading sideways. However, the price increase did not last long. The cryptocurrency is trading at 27 percent below the March 20 prices in today’s trading session. The surge in prices, however, did not come as a surprise for many. This is because the company has made two significant moves in the past week that has seen investors become more interested in the project.
The first move came in the form of an announcement that Contentos COS.TV platform was no longer in beta mode and had officially launched. This was positive news to investors who have long seen COS.TV as a game-changing decentralized content platform. COS.TV is also regarded as one of the largest content platforms that is built on blockchain technology.
The next announcement was that the platform’s Discord servers had gone live. This would allow users of the platform to connect and interact with each other. This seems to have also moved the markets as more investors bought into the project, pushing its volume traded in 24 hours by more than 2,000 percent on March 20.
Until March 20, 2022, the prices of Contentos were trading with low volatility and sideways. However, this changed when the prices shot up by more than 60 percent within a single day. However, the prices would take a nosedive and are currently trading at $0.017 from $0.024 a few days ago.
Looking at the Contentos daily chart, the prices are likely to start going upward again. This is because, even before the sudden spike in price, Contentos prices had failed to break the support level of $0.012. Therefore, I expect the prices to hit $0.024 resistance level in the coming days. However, if the prices drop to the level below what Contentos was trading before the surge, then my trade analysis will be invalidated. It will also increase the likelihood of a new bearish move for the cryptocurrency.
This post was last modified on Mar 22, 2022, 14:37 GMT 14:37