The COTI price surged 75% yesterday as Coinbase announce the support of the fintech-focused coin. However, today, COTI is on the slide. Wednesday’s rally followed the announcement that cryptocurrency exchange Coinbase is now accepting inbound transfers of the coin. And as long as liquidity conditions are met, live trading may commence as soon as today.
Even before yesterday’s announcement, COTI had staged an impressive comeback and gained more than 275% from the July low’s. However, the confirmation that it will be available to trade on Coinbase turbo-charged COTI to a 450%, four-week return. Although, the momentum was not enough for the price to convincingly clear May’s $0.4902 high. Despite briefly piercing the May top yesterday, the price finished the day at $0.4811. Furthermore, it was rejected again today, reversing from the $0.4900 high and is currently 20% lower at $0.3899.
The daily chart shows several interesting developments. Firstly, the rejection at the May high is significant, and unless COTI can uncap this level, it is vulnerable to a steeper correction. Furthermore, the intensity of yesterday’s rally lifted the Relative Strength Index (RSI) far into overbought territory. And despite the recent pullback, it still reads a high, 67.52.
In the past, Coinbase listings have other assets to embark on extensive rallies. However, there is no guarantee that COTI will keep going up. And as long as the price stays below $0.5000, the likeliest path is lower. In this event, the price should find support at Tuesday’s high of $0.3400.
However, clearance of $0.5000 would set the stage for an extension to the March high at $0.5837.
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