Today’s trading session has wiped out all the gains made yesterday, with the COTI price dropping by over 2 per cent. This is despite the early morning hours of the trading session, trading aggressively bullish and surging by 3 per cent before dropping by 5 per cent.
COTI Bearish Trend Resumption
Today’s trading session resumption of the bearish trend is a continuation of the long-term trend that has persisted throughout the year. July, for instance, is down by 2 per cent, continuing the 29 per cent drop we saw last month. COTI prices were also aggressively bearish in May when they dropped by 25 per cent, and in April, when the crypto also dropped by 34 per cent.
Looking at the long-term data, COTI hit its all-time price high of $0.6826 on October 31, 2021. Since then, the price has been aggressively bearish, losing 86 per cent of its value. It has also lost 74 per cent since the year started.
Therefore, coming into July, it was already clear that the prices were still in a long-term aggressive bearish trend. The aggressive bearish trend started immediately, with the first few trading sessions of the month becoming aggressively bearish, resulting in a 7 per cent drop. However, the drop was followed by a sideways market, which gave a bullish trend reversal signal.
COTI Price Prediction
In today’s trading session, prices look to have resumed the long-term bearish trend, with prices dropping by 2 per cent. The current drop is likely a resumption of the long-term trend. Therefore, my COTI price prediction expects the prices to continue dropping.
We will likely see the prices trading below the $0.0775 support level in the next few trading sessions. The analysis is also supported by the current downtrend of the cryptocurrency industry, where virtually all cryptos are in a bear market. My analysis will, however, be invalidated if prices trade above the $0.1 resistance level. At that point, the bullish trend will have started.