COTIUSDT Shows Bullish Momentum Following Descending Resistance Break

News

  • COTI breaks through resistance, bouncing from $0.06, signaling the potential for a trend reversal and new upward momentum.
  • The $0.1490 level is crucial; a breakout above it could signal further gains for COTI after its recent bullish shift.
  • Consistent support at $0.06 reinforces buying interest, with a possible pullback offering more opportunities for traders.

COTI paired with Tether (USDT) on Binance has recently shown strong bullish momentum, breaking through a key descending resistance. This shift follows a prolonged downward trend that started earlier in 2024. After rising from a crucial support zone close to $0.06, the price is currently trading at about $0.1049, indicating a possible trend reversal. Traders are focusing on the next big goal at the $0.1490 level after the recent resistance breakout, which may signal a big fundamental change in the market.

Strong Support at $0.06 Reinforces Buyer Interest

Throughout the year, COTI formed a descending triangle with a downward resistance line connecting peaks from February, June, and August. The price initially reached $0.2790 in February before facing a series of declines, hitting a support area around $0.06 multiple times. These touches confirmed this level as a robust demand zone, with buyers stepping in whenever prices neared this range.

By late October, COTI bounced near $0.06 again, signaling renewed buyer interest. This demand-driven rebound pushed prices above the descending resistance, marking a critical breakthrough. This move suggests a potential shift in market sentiment, leaning toward bullishness. However, the $0.1490 horizontal resistance stands as the next test for COTI’s upward momentum.

Key Levels Indicate Possible Market Shift

Several price points highlight potential areas of interest for both buyers and sellers. The $0.1490 level is crucial; if breached, it could drive COTI toward further gains. Moreover, with consistent support around $0.06, any pullback to this range may present buying opportunities, reinforcing the demand zone. On the other hand, previous peaks at $0.2790 and the resistance touchpoints from February, June, and August show strong seller presence.

The recent breakout above the descending line, coupled with a bounce from support, signals a potential market reversal. Candlestick patterns suggest past rejections at the descending trendline, where bearish forces dominated until this breakout. Now, the price action seems to favor the bulls, pointing to a renewed uptrend.

The post COTIUSDT Shows Bullish Momentum Following Descending Resistance Break appeared first on Crypto News Land.

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