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COTI price is down by a percentage point in today’s trading session. The drop comes a day after the crypto looked poised to reverse its fortunes and start a new bullish trend after it surged by 5 per cent.
The bearish trend resumption comes days after the platform announced its latest development that will enable Cardano users to pay using the Odoo platform. According to reports, COTI will use the ADA pay API to make requests and complete Cardano transactions on the platform.
Odoo (On Demand Open Object) is one of the largest open source solutions for business applications. Today, it boasts of having over 7 million registered users. The platform also serves a wide range of businesses, including start-ups and large enterprises. Therefore, the latest development will not only place a COTI product in the hands of over 7 million people but will also enable ADA holders to transact through the Odoo platform.
The COTI price has been going down throughout the week, losing 9% of its value. Today, the prices are down by a percentage point. The bearish trend is also looking likely to continue throughout the session.
Therefore, my COTI price prediction expects the prices to continue dropping throughout the session. I also expect the next few trading sessions to be aggressively bearish. There is a high likelihood that we will see the prices hit the $0.075 price level in this bearish trend that has recently started. With enough momentum, we will also likely see the prices move below the support level and possibly hit the $0.0700 price level, as shown in the weekly chart below.
My analysis, however, will be invalidated if prices trade above the $0.095 price level. At that point, the bearish trend will have started.
This post was last modified on Jul 14, 2022, 16:06 BST 16:06