Avalanche and COTI prices are recovering. As a result, in a buy trend continuation pattern, COTI/USDT and AVAX/USDT appear to target $0.60 and $23, respectively.
From the DAG-based protocol expertly designed to counter challenges faced in a traditional setup, COTI coin is at the heart of efforts to build a modern payment alternative.
Past Performance of COTI
After days of weakness and lower lows, COTI prices edged higher on June 9.
The coin is now 12 percent versus the USD with support from increasing participation.
As of June 10, COTI trading volumes had risen to around $38 million, forcing the token higher versus ETH.
From the daily chart, the path of the least resistance is still southwards.
There are unconfirmed efforts to breach the middle BB and usher in demand.
However, considering the market-wide confidence, COTI bulls are in a position to rewinding losses.
Nonetheless, the rapidity of the reversal depends on if prices float above $0.18 and $0.15 in the immediate term.
COTI prices are in a bear breakout pattern.
Albeit the demand of the last trading day, the bear shadow of May 19 may discourage users from participating unless there is a total reversal of the past four weeks' losses.
Gains above $0.25 could trigger demand, lifting COTI/USDT to $0.60 in a buy trend continuation of Q1 2021.
Within the Avalanche platform—the first smart contracting network to achieve a transaction finality of less than one second--, AVAX serves various functions.
One of them is for reward distribution and payment.
Losses of mid-May 2021 were arrested in subsequent sessions.
Still, there is a tinge of weakness as visible in the daily chart.
Despite gains, AVAX prices are printing lower lows relative to the middle BB.
As of writing on June 10, AVAX is stable against the greenback, even though participation is down 18 percent to $96 million.
The past two bars are with longer lower wicks, suggesting demand in lower time frames.
A push above the middle BB with increasing trading volumes may drive demand, lifting AVAX/USDT above $20 to $23 in the medium term.
A comprehensive close above the middle BB may signal trend continuation and reversal of late May 2021 losses for cautious traders.
AVAX is under pressure.
Nonetheless, there is demand. A confirmation of the June 9 bar may lift COTI/USDT above the middle BB to $20. In that case, AVAX could soar to $23 in a buy trend continuation pattern.
Accordingly, from price charts, every low above $10 may present a loading opportunity for ambitious bulls targeting $23.