ADA Trades Low in Past Months, COTI for a Bullish Trend: Analysis

  • Global crypto market waves red with the majority of the coins moving down.
  • Analysis shows ADA has seen a dip over the last 6 months.
  • Also, COTI might possibly move into an inverted head and shoulders pattern.

With the current crypto market signaling red, Cardano (ADA) seems to further go down from its current price of $0.5529. Meantime, COTI (COTI), Cardano’s algorithmic stablecoin, is expected to surge, as predicted by crypto analyst and Crypto Capital Venture Founder, Dan Gambardello.

On June 3, Gambardello tweeted that “it’s a Cardano and COTI kind of day.” He then also attached a technical analysis video of both cryptos.

In his YouTube video, Gambardello tackled the topic of Cardano (ADA) first and stated “powerful things are happening on the chart.” Gambardello made specific reference to the fact that ADA has seen a dip over the last 6 months which means that Cardano could be primed to set a higher low to bounce off of.

In detail, the momentum oscillator indicator is the lowest it’s ever been, and from a technical analysis perspective, this would be the perfect time for ADA to bounce. He did, however, mention that the opposite could happen and ADA could consolidate.

ADA price above 9 and 20 EMA (Source: TradingView).
ADA price above 9 and 20 EMA (Source: TradingView)

Meanwhile, regarding COTI (COTI), Gambardello noted that the RSI is on a downward slope into oversold territory. At the moment, COTI is the most oversold it has ever been.

Also, the head and shoulders trade pattern of COTI is expected to possibly move into an inverted head and shoulders pattern. This means the coin might move from a bearish end to a bullish start. 

Furthermore, Gambardello speculated that if things were to go well for the crypto market, it is possible for COTI to move to the upside and then bounce off the resistance to form the right shoulder.

Meanwhile, CEO of COTI Shahaf Bar-Geffen has been confident about Djed’s robust design.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Source link

Related Posts

The SEC and CFTC Propose Amending Form PF to Include Cryptocurrencies

The US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) voted in favour of amendments to Form Private Fund (Form PF), which is…

Mark Cuban faces class action lawsuit for promoting Voyager crypto products

Mark Cuban, the billionaire entrepreneur who has been quite active in the crypto ecosystem for the past year, is facing a class action lawsuit over his promotions…

Arsenal gets second warning from ASA over Socios Token

The Advertising Standards Authority (ASA) has criticized Arsenal for failing to add risk warnings to Socios’ token promotion. Arsenal, in its current promotion of the Socios fan…

OpenSea introduces new stolen item policy to combat NFT theft

As asset theft remains one of the biggest headaches in the nonfungible token (NFT) space, NFT marketplace OpenSea is making an effort to tailor its policy to…

ASA Shows Red Card to Arsenal For Misleading Crypto Ads

The UK’s advertising watchdog – the Advertising Standards Authority (ASA) – has banned two advertisements by Premier League football club Arsenal for its crypto-based fan token scheme….

Moroccan Capital Markets Regulator Launches Fintech Portal – Regulation Bitcoin News

The Moroccan Capital Market Authority (AMMC), the capital markets regulatory body in Morocco, announced recently that it has launched a fintech portal on its website. The new…

Leave a Reply

Your email address will not be published.