The price of COTI, the native token of the COTI decentralized payment network, has surged over 20% in the last few hours. According to price data from CoinMarketCap, COTI is currently trading at $0.241294, up 25.o4% over the last 24 hours.
What you'll learn 👉
Ascending Triangle Breakout
According to crypto analyst and trader Daan Crypto Trades, COTI had been consolidating within an ascending triangle pattern when viewed on higher timeframes leading up to the current breakout.
Ascending triangle patterns typically precede major upside moves when broken to the upside. Daan notes that COTI has now broken out cleanly from this pattern.
The breakout coincides with a bullish volume entering the market, propelling prices above the previous consolidation range between $0.22-$0.24. COTI trades around its intraday high of $0.26 at the time of writing.
Wait For Confirmation
However, analysts state that traders should wait for confirmation before entering new positions despite the tempting breakout.
Crypto Tony highlighted to his followers not yet to FOMO into COTI’s parabolic surge. He advised traders to wait for a pullback first to flip previous resistance around $0.26 into new support before considering fresh long entries.
This would confirm the breakout as a new level of support and increase the chances of an extended upside move. Premature entries risk getting caught on the wrong side of a bull trap if prices are rejected lower.
COTI Announces Privacy Breakthrough
The current COTI price spike is driven by a major product development update revealed by the COTI Foundation on X (formerly Twitter) recently. In their tweet, the Foundation announced that their new COTI V2 core protocol will leverage garbled circuit technology to enable breakthrough privacy and security features on the COTI blockchain.
Garbled circuits allow secure computation between two parties without revealing private information. The COTI Foundation claims their optimized implementation of garbled circuits will be 1000x faster, 100x lower latency, and 250x smaller in size compared to existing privacy-preserving solutions.
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Show more +According to the Foundation, garbled circuits preserve privacy by allowing two parties to compute functions involving private information without revealing the actual private information to each other – analogous to two millionaires determining who is richer without revealing their actual wealth.
The introduction of garbled circuits is a major leap forward for privacy and security in the blockchain industry. The market has met the news positively, evidenced by the 20%+ surge in the COTI token price.
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