ADA Trades Low in Past Months, COTI for a Bullish Trend: Analysis
2022.06.06 19:55
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 $0.5529. Meantime, COTI (COTI), Cardano’s algorithmic stablecoin, is expected to surge, as predicted by crypto analyst and Crypto Capital Venture Founder, Dan Gambardello.
On June 3, Gambardello tweeted that “it’s a Cardano and COTI kind of day.” He then also attached a technical analysis video of both cryptos.
It’s a #Cardano & #Coti kind of day$ADA $COTIhttps://t.co/opPKbdF34l
— Dan Gambardello (@cryptorecruitr) June 2, 2022
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)
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.
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