Why did COTI (COTI) crypto witness a fall of over 12%?

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Why did COTI (COTI) crypto witness a fall of over 12%?

 Why did COTI (COTI) crypto witness a fall of over 12%?
Image source: © Inueng | Megapixl.com

Highlights

  • Dubbed as a Currency of the Internet, COTI explores the potential which blockchain holds, allowing firms to build their own payment solution. 
  • Despite its features, the COTI token wasn’t having the best days in office as it was trailing by 12.55% along with a volume loss of 6.46% at 7:30 AM (GMT +1), according to CoinMarketCap.
  • The 186th ranked COTI on Friday was trading at US $0.09671 with a volume of US $72,43,823 in the last 24 hours, according CoinMarketCap.

The ever-expanding blockchain industry of late has got a kick with the payment industry exploring its technology to solve cross-payment problems. Due to this, the many platforms are quite keen to test how such emerging sectors can work in tandem with disruptive technologies such as cryptocurrencies.

One such crypto token which is making the most of such unique payment solutions is COTI (COTI) crypto. Dubbed as a Currency of the Internet, COTI explores the potential which blockchain holds, allowing firms to build their own payment solution. Founded in 2017, COTI is a Layer-1 protocol, and operates on the Proof of Trust (PoT) consensus.

Despite its features, the COTI token wasn’t having the best days in office as it was trailing by 12.55% along with a volume loss of 6.46% at 7:30 AM (GMT +1), according to CoinMarketCap.

Reason for COTI’s dip?

The exact reason for COTI’s dip is still unclear but it may be due to the bearish run which the token has witnessed of late. COTI, in fact, has been down by over 8.4% in the past 14 days and down by 16.9% in the past 7 days.

The bearish run may have been one of the reasons which is reflected in charts as well as its RSI stood at 35.56 indicating market participants are keen on selling off their assets.

Image Credit: Trading View

The MACD indicator too suggested a similar trend as the signal line climbed above the MACD line suggesting the bears are maintaining their stronghold over the bulls.

Image credit: Trading View

Even the Momentum indicator (MOM) too is suggesting significant loss with it being in negative territory at -0.0164 at the time of writing.

COTI price performance 

The 186th ranked COTI on Friday was trading at US $0.09671 with a volume of US $72,43,823 in the last 24 hours, according CoinMarketCap. The token was enjoying a live market cap of US$11,14,58,240, and 1,10,86,43,952 COTI coins in circulation. 

COTI’s performance today is also reflective of the bearish run which the overall crypto market has been witnessing. The global crypto market cap stood at US$1.05 trillion and was down by over 6.30% in the past 24 hours. The total crypto market volume, however, was up by 14.13% at US$75.23 billion over a day.

Having said that, one always has to keep a strict vigil and must do proper market research before they decide to invest in the token.

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