The post COTI Price Rally Crosses $0.20, Will Buyers Hit $0.50? appeared first on Coinpedia Fintech News
With massive gains, this meme coin enters the arena of top performers and prepares a trend continuation this week. COTI price increased by 112% last week and projects a bullish trend ahead with this level breakout.
Amidst the slow movement in top meme coins like Dogecoin and Shiba Inu, the COTI price stands out with a massive bullish candle. However, the doubts about the trend continuation around this meme coin due to high volatility question its future.
Massive Gains in COTI Signal Trend Reversal
In the weekly chart, the COTI price action shows a massive bull run in the last three weeks. With a triple white soldier pattern, a three consecutive bullish candle formations, the meme coin has increased by almost 300%.
Source: Tradingview
Further, the bullish surge finds a significant rise in trading volume supporting the trend reversal that exceeds the 23.60% Fib level. With this breakout, the meme coin witnessed a price level last seen in May 2022.
Currently, the COTI price shows an intraday drop of 2.69% as a breather phase following the massive jump and breakout. Further, it trades at $0.211 and presents a potential retest possibility of $0.20 breakout.
Technical Indicators:
DMI Indicator: The spike in the ADX line reflects a boost in trading volume, and the rising VI lines represent the strong bullish trend in motion.
Will the COTI Price Reach $1?
As the meme coin surpasses the 2360% Fib level, the breakout increases the trend reversal credibility in the weekly chart. Hence, despite some potential drop in the daily chart, the wider trend presents a prolonged uptrend possibility.
Considering the uptrend sustains momentum, and the demand continues to rise up for meme coins, the high volatility moves can pump COTI beyond imagination. As per Fibonacci levels, the COTI price can reach $0.51 or the 78.60% fib level.