Today’s trading session has seen COTI set a new price low that the cryptocurrency has not traded since July 21, 2021. In today’s trading session, COTI has dropped by 17 percent, extending yesterday’s loss in the market, where COTI lost 27 percent of its value. In the month of May alone, COTI has lost 48 percent of its value, and, likely, we have not seen the end of the current bearish move.
COTI, like thousands of other cryptocurrencies, is currently on a downward trend due to market forces beyond its control. Looking at the global cryptocurrency industry market capitalization, we can see the value dropping by 13 percent in the past 24 hours. We can also see a majority of cryptocurrencies continuously losing their value in the past few weeks and contributing to the current downturn.
However, COTI has had a positive month. In the wake of Terra USD dropping by more than 98 percent in the past few days, COTI group CEO came out and indicated their algorithmic stablecoin was different from UST. In a statement, the CEO quelled fears that had started to grip the industry, with many investors wondering if such a fate could happen to COTI’s Djed stablecoin. The good news is that it is unlikely that we will be seeing a complete capitulation of Djed and COTI, even with the latest drops in the market.
COTI prices are in a sharp downward trend losing more than 17 percent in today’s trading session. Currently trading at $0.093, the crypto is showing signs that the current downward trend is likely to continue. Throughout the month, we have seen the COTI go from trading at $0.17 to the current price of $0.093, a 48 percent drop.
Due to the current market factors causing problems in the cryptocurrency industry, I expect the current bearish trend to continue. As a result, there is a very high likelihood of seeing COTI prices trading even lower, with a possible price level of $0.06 being hit in the next few trading sessions. However, if the prices retreat above the $0.1 price level, my bearish analysis will be invalidated. It will also mean a recovery is in the offing.
This post was last modified on May 12, 2022, 15:15 BST 15:15