Contentos price has been struggling to break the resistance at $ 0.02. It has done so on four occasions over the last 12 days but has dropped back down each time. Nonetheless, this indicates that COS has developed a stronger momentum recently, considering that it has only breached the $0.02 barrier five times since the beginning of February. However, the coin is still about 60% lower than the year’s high of $0.0285, recorded on January 3rd.
Contentos’ market divergence and potential COS price determinants
Contentos is a decentralized content sharing platform designed to give creatives their fair share of revenue generated from their content through a P2P earning structure. Also, it helps safeguard them from copyright infringement and promote decentralized content flow control. However, it hasn’t attracted as many creatives and users despite its noble intentions.
The project has failed to live up to expectations in many ways, considering that it addresses a global-scale existential problem. Notably, Contentos has been running its premier content streaming platform, COS.TV in Beta. This has hindered its growth, considering that it’s the platform that is supposed to feed the Contentos user base. However, as of March 20th, 2022, the full version of COS.TV is up and running. This is likely to drive more traffic to the platform, which should, in turn, help fuel COS price rise.
Of concern, however, is that Contentos has also shown substantial divergence from the rest of the crypto market. For instance, while the crypto market enjoyed historical gains in Q3 of 2022, COS struggled to break the $0.025 barrier. While this has its advantages and disadvantages, it also means that COS may remain grounded, even as the rest of the crypto market shows signs of an upward breakout.
Contentos price prediction
As of this writing, COS price has made a marginal gain of 1.06% over the previous 24 hours. The price is currently at $0.018, and the bulls will likely be targeting the $0.020 resistance level. In addition, the 20-EMA has recently crossed above the 50-EMA, signalling a momentum gain.
Based on this, the near-term support is likely to be at $0.017, and the target will remain within reach at this point. However, the On Balance Volume (OBV) is gravitating downwards, signalling potential distribution. This could pull the support down to $0.015, which the $0.020 target will become invalid.