COTI explodes after Coinbase announcement
COTI explodes after Coinbase announcementCOTI explodes after Coinbase announcementCOTI WebsiteCOTI Website

Coinbase Pro had announced that COTI would be tradable on the platform starting August 26. This support for the asset caused COTI to explode. It surged more than 60%, shooting from $0.30 to $0.49. If COTI can hold above US$0.40 for longer, it’s even possible that the coin could aim for a new all-time high.

COTI climbs to almost 0.50 US Dollar

COTI, Coin of the Internet, was able to climb from 0.30 USD to just under 0.50 USD in a very short period of time. This was due to the announcement by Coinbase Pro, who made the coin available for trading on their platform as of today. This announcement caused the rapid rise in just a few hours. If the coin holds above $0.40, it could perhaps reach a new all-time high.

Coinbase Pro announced in a blog post yesterday that COTI will go live on the platform starting August 26. Once liquidity conditions are met then, COTI will also be available for trading against US dollars, euros, British pounds and bitcoin.

This is expected to see the order books roll out in three phases – post-only, limit-only and full trading. The blog post also states the following:

If at any time one of the new order books does not meet our assessment of a healthy and orderly market, we may hold the book in a state for an extended period of time or suspend trading.

COTI and a new all-time high?

Coin of the Internet (COTI) was launched back in March 2017. The company sees itself as the first fintech platform for businesses, allowing organizations to create their own payment solutions. The payment solutions token has risen more than 60% within an hour of its low of $0.30, trading at $0.49. Even though COTI has now lost some momentum and dropped by 20%, the price could continue to rise, due to increased buying pressure.

Using the Fibonacci retracement indicator measured from the high of USD 0.60 and the low of USD 0.089, we can see that the price of USD 0.40 is important. This serves as support for the optimistic outlook to really take hold. These unique circumstances are naturally predestined for another attempt to break through the resistance level.nds level of 0.49 US dollars. If this resistance level is broken, COTI could drive to a new all-time high of 0.74 US dollars.

Even though it currently looks like further gains are to be expected, investors should not take their eyes off the price. In particular, watch for a break of the support level at $0.40. This can lead not only to a further rise, but also to losses. The downturn could then be between USD 0.34 and USD 0.28.

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