COTI Market Overview: Volatile 24-Hour Move Amid Rising Turnover

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COTI opened at $0.05691 on July 16 at 12:00 ET and closed at $0.05797 on July 17 at the same time. The 24-hour range was $0.05683 to $0.05959. Total volume reached 13,415,476 COTI, with a notional turnover of $756,214 (USDT).

Summary

• COTI formed a bullish reversal pattern near $0.05683, followed by a strong rally toward $0.05959.
• Price retested key resistance at $0.0590–$0.0595 multiple times, failing to break through.
• Volatility expanded in the morning, with Bollinger Bands widening as volume spiked.
• RSI showed overbought conditions during the rally, suggesting potential pullback risk.

Structure & Formations

Price action on COTI/USDT showed a distinct bullish reversal pattern forming at the 24-hour low of $0.05683, where a strong bullish engulfing candle confirmed a short-term support level. The subsequent rally pushed the price toward $0.05959, with multiple attempts to break above $0.0590–$0.0595 failing, forming a potential resistance cluster. A bearish doji formed near $0.0591, signaling indecision.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both trended upward, with price oscillating above and below the 20SMA. The 50SMA acted as a dynamic support level during pullbacks. On the daily chart, the 50DMA and 100DMA were closely aligned, indicating a neutral-to-bullish bias. Price closed above both 50DMA and 200DMA, suggesting continued medium-term bullish momentum.

MACD & RSI

The MACD line showed a bullish crossover in the early part of the day, confirming the upward thrust. However, the histogram began to contract in the afternoon as the rally lost steam. RSI peaked at overbought levels (75+) during the high near $0.05959, indicating a potential pullback. A bearish divergence was observed in the late afternoon as price made a new high but RSI failed to do so, raising bearish concerns.

Bollinger Bands

Volatility expanded significantly during the midday rally, with Bollinger Bands widening from a narrow contraction observed overnight. Price peaked near the upper band at $0.05959, a typical overbought condition. In the afternoon, the price drifted toward the middle band, indicating a potential consolidation phase. The lower band held at around $0.0575–$0.0578, a level that appeared to act as support.

Volume & Turnover

Volume spiked during the midday rally, with the 15-minute candle at 20:30 ET recording over 952,908 COTI traded — the highest single-candle volume of the day. This volume confirmed the bullish move. However, as price approached the upper resistance, volume began to wane, suggesting a lack of conviction. The notional turnover mirrored the volume pattern, with the largest turnover spike occurring at the same time.

Fibonacci Retracements

Applying Fibonacci to the 24-hour swing from $0.05683 to $0.05959, key levels included 38.2% at $0.0581 and 61.8% at $0.0589. Price briefly tested the 61.8% level before retreating, suggesting strong resistance at this level. The 38.2% retrace level at $0.0581 acted as a support zone during the afternoon pullback, reinforcing its significance.

COTI may continue to consolidate in the near term as it tests key support and resistance levels. A break above $0.05959 could signal renewed bullish momentum, while a close below $0.0575 may trigger a deeper correction. Investors should remain cautious of overbought conditions and potential bearish divergences.