ContentOS is down by more than 3 per cent after showing huge signs of a bullish move in yesterday’s trading session. The drop has wiped all the gains made yesterday and set a new two-day price low. The drop is also a resumption of a strong long-term bearish move that has seen ContentOS dropping by 38 per cent in April.
The platform, which aims to solve how content is produced, distributed, rewarded and traded, has continued to gain traction in the past few months. The platform has been able to take some other platforms from the Beta phase to live. This includes products such as COS.SPACE and COS.TV.
However, even with more users coming into the project, the project has struggled to maintain its trading volume. In the past 24 hours, for instance, COS trading volume has dropped by 38 per cent, bringing the total traded using the cryptocurrency to around $9 million. Although the figure looks significant, a 38 per cent drop in a single day is likely to result in a bearish trend.
The trading volume has also struggled throughout the year. For instance, on February 22nd, the cryptocurrency had a trading volume of $70 million. This was followed by huge fluctuations in trading volume, including a drop to $3 million on April 22, 2022. Such fluctuations and drops in trading volume have partly played a part in the current strong bearish trend of COS.
ContentOS Price Prediction
The four-hour chart below shows ContentOS is still in a strong bearish move. The prices have also hit the upper trendline of a descending channel, resulting in a strong and aggressive bearish move. Currently trading at $0.01390 after surging more than five per cent, it is likely that the current price gains are a result of price correction.
Therefore, I expect ContentOS prices to resume the downward trend, possibly in today’s trading session. There is also a high likelihood of the prices hitting the $0.0134 support level. The current bearish move will likely result in prices also trading below $0.01300 for the first time since March 14, 2022.