Potential Breakout or Rejection: #COTI/USDT. Retests Key SMA 200 Level
COTI (COTI/USDT) is currently testing a critical resistance level at the SMA 200 on the daily chart, around $0.12230. With the price above the MA 200 in the 1-hour and 4-hour time frames, the overall trend remains bullish. However, indicators such as Bollinger Bands and Stochastic Oscillator are signaling overbought conditions, suggesting a potential pullback. The MACD supports a bullish outlook, but a decisive breakout above $0.12230, confirmed by strong volume, is needed to sustain further gains.
Bullish Scenario:
If COTI successfully breaks above the SMA 200 at $0.12230 with strong volume, it could trigger a significant upward move. The next target levels would likely be around $0.1300 and $0.1500, where previous price activity indicates potential resistance.
Bearish Scenario:
Conversely, if COTI fails to break through the SMA 200 and experiences rejection, a correction could follow. In this case, the price might retest lower support levels, first at $0.11000 and potentially lower given the overbought conditions indicated by the RSI and Stochastic Oscillator.
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