The current cryptocurrency industry downturn has seen the COTI price trending downwards for most of the past few months. This month, COTI is down 34 per cent, extending the May price drop of 25 per cent.
Why is COTI going down?
Despite being a top platform with huge potential, COTI prices have increasingly become bearish. COTI has lost 86 per cent of its value since reaching an all-time high of $0.6826 on October 31, 2021. The current trend also looks aggressively bearish, therefore there is a high likelihood that we will see the prices continue to fall.
Unfortunately, the current price drop for COTI has more to do with the current environment and less to do with the platform itself. Since the year started, the entire cryptocurrency market has been in a strong bearish trend. This has seen the industry’s market capitalization drop from $2.2 trillion on January 1, 2022, to the current $889 billion.
The May cryptocurrency crash that resulted from the collapse of Terra Luna and UST has also hindered the industry’s recovery. In turn, COTI’s ability to recover from the downturn has also been affected. The result is the current strong bearish move that has seen the crypto lose 34 per cent this month.
COTI Price Prediction
Despite COTI being up by 2 per cent in today’s trading session, my price prediction expects the trend to reverse and resume the current long-term bearish trend. The current gains are a result of the past few days’ sideways market. However, when the sideways market ends, there is a high likelihood that we will see prices start to drop.
My price expectation for the next aggressive bearish move is the $0.050 psychological level. Having looked at how aggressively bearish the cryptocurrency has traded in the past, it is likely that the next big push will hit the $0.050 price level. There is also a high likelihood of the prices trading below the price level.
My analysis will, however, be invalidated if the prices trade above the $0.11 price level. At that time, it will be clear that the prices have reversed to the upside.
COTI Daily Chart
