Enterprise crypto COTI climbs over 70% on Coinbase listing FOMO

COTI, Coinbase, Celsius,
image from securities.io

Key Takeaways:

  • COTI fintech company scored a listing with Coinbase Pro
  • The news came after another partnership with Celsius lending/borrowing platform.
  • As a result, the digital asset gained 70 percent overnight.

YEREVAN (CoinChapter.com) — Coti ecosystem’s native token of the same name climbed over 70% overnight, hitting $0.49 before correcting downward in the early Thursday session. The rally in COTI markets came majorly in the wake of its listing on the Coinbase Pro trading platform and received further help from a collaboration with crypto lending service Celsius.

Coinbase listing and the new Celsius partnership

The US-based service started accepting inbound transfers beginning Wednesday. Meanwhile, it announced that trading of COTO pairs would commence on Thursday at 9 a.m. Pacific time should the crypto fulfills its liquidity requirements.

Coinbase may launch extended COTI trading for all its app and website users if the coin’s trial on Coinbase Pro is successful. The exchange promised to keep the users up to speed via Twitter.

Moreover, COTI scored another significant partnership for the blockchain company. COTI pay wallet enabled an ‘Earn Crypto’ option for its users through collaboration with Celsius. The latter is a lending platform that will provide liquidity for the COTI wallet users to trade various crypto assets and earn interest.

The announcement specified that the COTI token itself would not be available within the Earn Crypto option for several more weeks.

Also read: Bitcoin miners want to sell BTC for way above $50K, new analysis shows.

COTI daily chart

COTI’s recent partnerships boosted the coin’s price and drove it from $0.26 to $0.49 in one day. However, the FOMO rally subsided in the Asian-Pacific session Thursday, and the COTI/USD exchange rate slid back to 0.39.

COTI daily chart. Source: COTIUSD on TradingView.com
COTI daily chart. Source: COTIUSD on TradingView.com

After a brief decline on Tuesday, the digital asset sought support from the 20-day exponential moving average (EMA-20; blue wave on the chart above). COTI then shot past a significant support/resistance bar at $0.32-0.36. However, the coin might retest it as support in the upcoming hours, as the price action headed south towards the bar again.

The relative strength index (RSI: momentum indicator; purple graph at the bottom) fluctuated violently over two days. Finally, the RSI took off and hit 84 after the bullish price action. However, FOMO alone wasn’t enough to maintain the rally.

Typically, when the RSI goes above 70, some traders prefer to pull their bets and secure the profit, considering the asset overbought. However, as the traders withdrew, the price fell, and the sharp downtrend brought the RSI back down to 66.

The upcoming sessions will show if COTI can recover. However, despite the bearish correction, both the Coinbase Pro listing and the Celsius partnership remain bullish factors.

Also read: AXS falls over 7% as the Philippines tax Axie Infinity and its players.

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