Arun Crypto, a top crypto analyst on the X platform, posted several positive outlooks regarding the price of COTI, the native token of the COTI payments network. Over the past day, Arun has highlighted various technical analysis factors that suggest COTI’s price may be gearing up for a move higher after consolidating in recent weeks.
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Recent COTI Price Action
Arun Crypto tweeted that COTI had formed a “strong, engulfing candle on the 4H chart indicating the bullish trend.” Besides this bullish candlestick pattern, Arun also noted that COTI was “at its best spot to buy before running towards its new all-time high.” Significantly, he pointed out that COTI was standing “at the bottom of its uptrend channel.”
Arun further stated that COTI “has started its run,” suggesting the positive price action he had highlighted earlier was beginning to materialize.
Additionally, another crypto analyst using the handle cotihyp3 echoed the bullish outlook on COTI, tweeting about several unique aspects of the project including its focus on privacy, partnerships with Cardano, and relatively low market capitalization of $137 million.
COTI is a blockchain-based payments network that aims to allow users to issue their payment stablecoins and facilitate private, scalable payments. Significantly, it has partnerships with major blockchains like Cardano to bring decentralized payments to those networks.
At the time of writing, COTI is trading at $0.089, up over 4% in the last 24 hours according to CoinMarketCap data. Consequently, analysts like Arun Crypto seem to suggest more upside could be in store given recent technical factors. However, analysts remind us that cryptocurrencies remain highly volatile assets.
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