COTI turns bullish on the back of MultiDAG 2.0 and Djed stablecoin launch

Key Takeaways:

  • COTI's namesake native token jumped nearly 15% since Apr 12.
  • The uptrend takes cues from the network's MultiDAG 2.0 launch and other developments.
COTI prices are on an uptrend following a host of bullish cues. Image from freepik and cryptologos
COTI prices are on an uptrend following a host of bullish cues. Image from freepik and cryptologos

NEW DELHI (CoinChapter.com) — Blockchain-based fintech firm COTI’s native namesake token’s prices are taking cues from the upcoming launch of its MultiDAG 2.0 layer.

The launch is part of the token’s 2022 roadmap. MultiDAG 2.0 will help the protocol enable the issuance of new tokens on the network’s Trustchain. In addition, the new layer would help COTI create a governance token for the platform’s treasury.

The new token would serve as an enterprise and payment token on COTI’s Trustchain.

Initially, COTI would release a FoxNet for MultiDAG 2.0 in Apr, with the testnet launch coming in May, as per the network’s roadmap. After the MultiDAG 2.0’s testnet launch, the platform plans to introduce a new token standard.

COTI has tentatively set a goal to launch MultiDAG 2.0 mainnet in Q3.

Also Read: KAVA loses over 16% in two days, but bullish cues abound.

Furthermore, COTI has adopted Djed, a crypto-backed algorithmic stablecoin developed by Cardano and COTI. The Djed stablecoin uses smart contracts to maintain price stability. Cardano plans to use the stablecoin to power its DeFi ecosystem.

As per the network’s announcement, Djed integration would introduce a stable way to buy and sell NFT game assets on Revelar, Cardano’s first NFT gaming platform.

 Revelar is looking to find the next Axie Infinity and bring that kind of global success to the Cardano blockchain. Our partnership with Djed will open up massive partnerships opportunities for game developers who want a simple integration and a stable way for their players to manage in-game tokens.

Jason Toevs, Founder and CEO of Revelar commented

Once COTI has vetted the project, the network plans on releasing Djed on its mainnet in Q2.

COTI Price Chart

COTI prices had been moving below a descending trendline resistance since Nov 1. However, the token broke above the trendline resistance on Mar 27. However, the token’s 200-day exponential moving average (green wave) played spoilsport to the token’s uptrend.

Afterward, the COTI token fell nearly 13.4% on Apr 11. But, the token has since been rallying upwards and moved above its 50-day EMA (yellow wave). However, COTI’s 100-day EMA (purple wave) acts as immediate resistance near $0.28.

Further uptrend would see the COTI token prices again target resistance from their 200-day EMA (green wave) near $0.304. Finally, a move above the 200-day EMA resistance might see the token challenge resistance near $0.33. The $0.33 has acted as resistance for the COTI token since Jan 21 this year.

COTI (COTIUSD) daily chart with descending trendline and MACD. Source: Tradingview.com
COTIUSD daily chart with descending trendline and MACD. Source: Tradingview.com

Conversely, long upper wicks on the daily candles indicate traders are selling on relief rallies. If the token fails to continue its uptrend, COTI has immediate support from its 50-day EMA (yellow wave) near $0.257.

If COTI breaks below immediate support, it could fall to $0.239, a price level that previously acted as resistance for the token between Feb 20 to Mar 26 this year. Finally, the token has support from the descending trendline near $0.224.

Also Read: Cardano (ADA) close to finishing Q1 at a 14% loss — what’s in store for Q2?

Moreover, momentum oscillator MACD is slowly moving to bullish levels. Negative bars on the MACD histogram, which charts the difference between the MACD line (difference between 12-day and 26-day EMA) and the MACD signal line (9-day EMA of MACD), are contracting.

The indicator might soon chart a bullish crossover between the MACD line and its signal line. Traders often interpret the pattern as a buy signal, which would add bullish cues to COTI’s prices.

At the time of writing, COTI was trading at $0.265, up 3.89% on the day.

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COTI, COTI turns bullish on the back of MultiDAG 2.0 and Djed stablecoin launch

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