COTI / US Dollar Cryptocurrency Forecast
Stronger technical forecast for COTI / US Dollar cryptocurrency price after Friday trading.
(Updated on May 17, 2024)
The COTI / US Dollar cryptocurrency price gained 4.30% on the last trading day (Friday, 17th May 2024), rising from $0.119 to $0.124. During the last trading day the cryptocurrency fluctuated 7.31% from a day low at $0.116 to a day high of $0.125. The price has risen in 6 of the last 10 days and is up by 2.32% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 9 million more shares were traded than the day before. In total, 9 million shares were bought and sold for approximately $1.15 million.
The cryptocurrency lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the cryptocurrency is expected to fall -34.79% during the next 3 months and, with a 90% probability hold a price between $0.0003 and $0.119 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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COTIUSD Signals & Forecast
The COTI / US Dollar cryptocurrency holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the cryptocurrency has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.117 and $0.119. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). COTI / US Dollar has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, February 26, 2024, and so far it has fallen -54.46%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for COTI / US Dollar cryptocurrency
On the downside, the cryptocurrency finds support just below today's level from accumulated volume at $0.109 and $0.102. There is a natural risk involved when a cryptocurrency is testing a support level, since if this is broken, the cryptocurrency then may fall to the next support level. In this case, COTI / US Dollar finds support just below today's level at $0.109. If this is broken, then the next support from accumulated volume will be at $0.102 and $0.0958.
This cryptocurrency has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the cryptocurrency moved $0.0085 between high and low, or 7.31%. For the last week, the cryptocurrency has had daily average volatility of 6.85%.
Our recommended stop-loss: $0.116 (-5.84%) (This cryptocurrency has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 81 days ago.)
Trading Expectations (COTIUSD) For The Upcoming Trading Day Of Saturday 18th
For the upcoming trading day on Saturday, 18th we expect COTI / US Dollar to open at $0.122, and during the day (based on 14 day Average True Range), to move between $0.113 and $0.134, which gives a possible trading interval of +/-$0.0106 (+/-8.54%) up or down from last closing price. If COTI / US Dollar takes out the full calculated possible swing range there will be an estimated 17.07% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.125 (0.81%) than the support at $0.109 (11.96%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is COTI / US Dollar cryptocurrency A Buy?
COTI / US Dollar holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for COTI / US Dollar of Saturday, May 18, 2024
| Fair opening price May 18, 2024 | Current price |
|---|---|
| $0.122 ( 1.70%) | $0.124 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for COTIUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.130 | 5.17 % | |
| R2 | 0.127 | 2.55 % | ||
| R1 | 0.125 | 0.93 % | ||
| Current price: | 0.124 | |||
| Support | S1 | 0.118 | -4.32 % | |
| S2 | 0.116 | -5.94 % | ||
| S3 | 0.113 | -8.57 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.136 | 10.27 % | |
| R2 | 0.125 | 1.21 % | ||
| R1 | 0.125 | 0.81 % | ||
| Current price | 0.124 | |||
| Support | S1 | 0.109 | -11.96% | |
| S2 | 0.102 | -17.46% | ||
| S3 | 0.0958 | -22.55% |
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