COTI is showing a promising bounce near the lower boundary of its two-week trading channel on Saturday, March 7.
According to the crypto analyst Jonathan, technical indicators suggest buyers are stepping in to defend this support, signaling confidence in the token.
Such behavior often precedes upward momentum, making this level a critical pivot point for short-term traders and long-term holders alike.
The current price action demonstrates a strong defense of support, with buyers actively entering near the lower channel. This renewed demand may generate momentum for COTI as it tests higher levels.
Jonathan Carter notes that when tokens consistently hold critical support, it often triggers increased market confidence, attracting additional participants and reinforcing bullish conditions.
Also Read: COTI Price Prediction Can Bulls Defend $0.030 and Spark a Rally to $0.135?
COTI Support Bounce Points to $0.620 Rally
Jonathan Carter has identified different targets that COTI may reach if the trend continues. Such targets include $0.018, $0.028, $0.045, $0.070, $0.130, $0.190, $0.290, and $0.620.
All these targets are important levels where the buying pressure may be high, and this may propel the price to reach the targets.
Source: Jonathan Carter’s X Post
Though optimism is building up, it is important to consider a stop-loss at $0.008. It is important to be aware of the support and resistance levels in relation to COTI.
If the current support of the channel is sustained, COTI is likely to rise, and there are opportunities for short-term as well as long-term growth.
Momentum Indicators Suggest Cautious Optimism
According to TradingView, as of Saturday, March 7, the Relative Strength Index for COTI is at 43.34, which places the token somewhat below the fifty mark.
This could imply that there is a lack of conviction in the market, but the asset is still above the signal line, which is at 40.97. It is clear that the market is in a consolidation phase after the sharp drop.
Source: TradingView
On the MACD, it can be seen that a bullish crossover has formed as the blue line crosses above the orange signal line. At the same time, the histogram has moved into the green zone, which means that the token is witnessing increasing upward momentum over the short term.
However, as both lines are still below the zero level, the bearish trend is in place, despite this attempt to recover prices.
Also Read: COTI Price Surge? Targets $0.031 → $0.620 Signal Big Gains