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Analyst Predicts COTI Could Reach $0.29 After Bullish Breakout

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COTI stands on the verge of a higher breakout, paving the way for significant upward movements. Over the past seven days, COTI has increased considerably by almost 12%. More impressive is that, in the last 30 days, the cryptocurrency has risen by 16%, a strong performance indicating signs of further rise.

Recently, COTI has broken through the ceiling of a falling trend channel in the medium to long term. Such a breakout is either an impulse for deceleration of the previous downward trend or the start of more horizontal development. Furthermore, the currency has pierced above the resistance levels at $0.10, thus indicating further price appreciation potential.

At the time of writing, COTI is trading at $0.110535. Its 24-hour trading volume hits $122.40 million, a market capitalization of $173.83 million. On the downside, these metrics reflect a resilient market presence despite a slight slip of 2.26% in price over the past 24 hours.

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Analyst Predicts COTI Could Reach $0.29 After Bullish Breakout 3

The recent trends and technical indicators suggest that COTI is well-positioned for a significant upward movement. As it continues to break through resistance levels and establish new support zones, investors and traders are increasingly optimistic about its future potential.

Analyst Predicts COTI Could Reach $0.29

Jonathan Carter, a well-known figure in the crypto analysis community, has recently shared his optimistic outlook on the price trajectory of COTI, a digital currency gaining attention for its innovative technology and growing adoption.

Carter’s analysis reveals that COTI is currently forming a bullish flag pattern on the weekly timeframe, a technical indicator often seen as a precursor to significant upward price movements. This pattern suggests a period of consolidation following a strong upward trend, typically leading to another surge once the consolidation phase is complete.

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Supporting this bullish sentiment, COTI’s price recently rebounded from the 100-week moving average; often acting as a springboard to further gains, this key support level has been retested. Technically speaking, the token is testing a crucial resistance zone around $0.11. This level has historically proved to be a significant barrier, and past attempts to break it have resulted in pullbacks

However, Carter’s analysis indicates that once this resistance is broken convincingly, it will pave the way for a robust rally. If COTI manages to break above the hurdle, then the next target would come at $0.16. If the momentum continues, then it can even reach as high as $0.29, making it substantial gains from here

Related Reading | Ethereum Name Service (ENS) Set for Major Rally, Targeting $76.12, Analyst Predicts 

Analyst Flags COTI For Bullish Surge, Eyes 300% Gain: Report

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In the latest development in the cryptocurrency market the renowned analyst of the World of Charts proposes the favorable forecast for COTI, which is a less widely known but rapidly growing cryptocurrency. In an insightful X post, the analyst stated that COTI is well prepared to start a major bullish rally. The coin has already made a breakout and retest according to his analysis which is a characteristic of cryptocurrency in a confirmed uptrend, with a targeted mid-term surge that will increase its value 3-4x.

The World of Charts analysis proposes that the recent market moves and technical patterns exactly show that the market is set up for a bullish wave. The analyst emphasizes that a confirmation of a breakout and a retest are key technical indicators that typically precede to a significant price increase. This trend is a strong buy signal in the trading community that a crypto asset is likely to see substantial growth.

COTI’s Rapid Rise: Market Buzz Points To Bullish Future

The price of the cryptocurrency COTI in trade is $0.13 which is a noticeable increase of 10.22% just in the last 24 hours. COTI has also experienced a big increase of 18.21% in its market value over the last week. This is also proved by the high trading volume of $14,205,861.60 for the same 24 hours. This sharp rise in both price and trading volume represents a burgeoning interest and active reaction from the market crowd, indicating healthy investor confidence and market forces in action.

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Investors and market observers are recommended to keep an eye on COTI’s price behavior. The bullish wave that has been predicted by World of Charts is expected to bring considerable profits, specifically to those who would like to diversify their portfolios in the digital currencies with high upward potential.

However, the optimistic perspective, should also be careful with the inherent risks that follow joining the cryptos market. The market is extremely volatile, and an opportunity seems good for COTI, but the market dynamics tend to change quickly. Doing a thorough research and sometimes a conservative initiation is recommended while entering the cryptocurrency arena.

As COTI gears up for a potentially power bullish breakout, both the pros and the novices are logging in with keen interest. The expectation of the value 3-4x growth gives bright prospects for this innovative digital money, marking a potentially profitable stage of the crypto world.

Cardano’s DJED To Launch Next Week Due To “Technical Bottleneck”

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Cardano’s stablecoin DJED is slated to go live next week, although an exact date has not been specified, as revealed by its developer COTI.

The chain index syncing process, which would take a total of 14 days, was reportedly started a week ago, according to the COTI Network. This suggested that the launch will begin around February 1.

COTI added that this is the only “technical bottleneck” holding up the launch at the moment.

In the blog post, the decentralized transaction network also shared updates on the upcoming listing of the stablecoin. Major Singaporean crypto exchange Bitrue would add DJED on its platform.

The protocol’s backup token, SHEN, will also be traded on the exchange. SHEN serves as collateral for the stablecoin and is itself collateralized by Cardano’s native token, ADA.

Additionally DJED’s DEX partner Wingriders also spread the word of an forthcoming announcement on Twitter.

Cardano’s latest update is in a long line of upgrades that have fueled hope for ADA community which is anticipating a turnaround in the asset’s price action.

ADA is still looking to recoup from its losses suffered in the bear market of 2022 and is currently trading at $0.35, down by 6% in the past 24 hours.

Upcoming Updates on the Cardano Ecosystem

Morover, Cardano’s total value locked is only $77 million, but has increased by 57% since January 1 to show how swiftly its network is expanding.

In fact, GitHub statistics constantly identifies Cardano as either one of the most active networks or the network with the most daily activity.

Apart from that, it will undergo its next upgrade, which will include a significant change to the Plutus smart contract language, in February.

For the most part, this update will “enable ECDSA and Schnorr cryptographic signatures to make it easier for developers to construct cross-chain apps,” which essentially means that Cardano will soon gain more interoperability.

Further, its ecosystem has been expanding steadily over the past few months, with over 1,100 apps and projects presently developing on its network, in addition to over 110 projects that have previously been launched.

It’s noteworthy to mention that Cardano has had recent growth since more than 5,400 Plutus scripts—the platform’s take on smart contracts—have been deployed since the network allowed smart contracts last September. After the update in February, this number is probably going to rise even higher.

Cardano’s Algorithmic Stablecoin Set To Launch In Jan 2023

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Cardano-based first-ever algorithmic stablecoin DJED would be rolled out in the month of January next year. This was revealed by Shahaf Bar-Geffen, CTO of the COTI network in a recent podcast hosted by a crypto-focused channel big pey.

Earlier, Bar-Geffen stated Djed would be deployed to the mainnet once the Vasil Hard fork and the final audits are complete.

Djed, an ADA-powered algorithmic stablecoin that operates as an autonomous bank, was launched on testnet on May 4. Developed by Cardano’s IOG and issued by COTI. It employs SHEN as a reserve coin and is backed by ADA.

As reported by TronWeekly, the stablecoin’s testnet version was successfully launched a few months ago.

Immediately after the testnet launch of the stablecoin, a level 2 audit certification of the on-chain code was conducted to remove any chances of security vulnerabilities and ensure that the specification and code are of good quality in terms of understanding and maintainability.

More than 514k Djeds have been minted on the platform. In addition, 6,688,918 SHEN reserve coins were minted, giving a reserve ratio of 653%.

Last week, Djed team shared on its social media channels, its testnet version was reactivated with a number of new instruments added.

This means the asset is now available for testing with enhanced functionality prior to its mainnet launch.

With the help of a few carefully chosen partners and Decentralized Exchanges [DEXs], the algorithmic stablecoin will be incorporated. DEXs will pay users for utilizing Djed to provide liquidity.

Cardano’s DJED Will Reduce Transaction Cost By 60%

Furthermore, the developers intend to provide Cardano liquidity to the Djed smart contract gradually and slowly in an effort to grow at a rate that is healthy and sustainable. 

The head of COTI, Bar-Geffen, spoke about the pending audit as well as what users can expect for the launch. Here are his exact words from the Q&A session where he mentioned deploying on the mainnet by 2023.

Extensive script optimization to increase the throughput. It will cut down about 60% of the fees that are associated with transmitting the transaction, making it cost saving. At Exchange rate acquisition module has been updated to support atleast six external sources, thus making it more safer to use. 80% of test objectives are already implemented to automatically test legit smart contracts and plutus backhand applications [BAP].

Cardano ADA Pay Plugins Now Accessible To Over 7M Merchants

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Cardano payments plug-ins are now available to over 7 million merchants, thanks to its successful integration with an open-source ERP and CRM software -Odoo, built and developed by COTI.

The payment gateway was created by Rodolfo Miranda, winner of Cardano’s Project Catalyst, a DAO-governed community incubation initiative in partnership with COTI, a blockchain platform optimized for creating decentralized payment networks and stablecoins.

Odoo which stands for On-Demand Open Object is an open-source solution for business applications, having more than 7 million registered users that comprise a mix of startups as well as large enterprises.

Built atop the Cardano blockchain network, the ADA payment system allows merchants to accept ADA as a payment method along with the instant settlement, per the blog.

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Cardano ADA Pay Plugins Now Accessible To Over 7M Merchants 6

Previously, another catalyst team Carl Henry Global also developed an ADA Pay Plugin for eight different shopping platforms including WooCommerce, WordPress, and Jumla.

Speaking of the development, Rodolfo Miranda stated:

“Delivering this project can’t be more streamlined. The ADA Pay API just simplifies the development process. Not only is it well documented, but also the COTI team was prompt to give us support to all of our questions and concerns. I really appreciate COTI professionalism and dedication.”

In the Project Catalyst Challenge, DAG protocol COTI challenged teams to come up with ADA Pay plug-in solutions. These solutions were meant to be integrated with different e-commerce platforms. COTI said that it has funded 5 out of the 16 submissions that it received.

The initiative is one of Cardano’s expansion drive amidst the Crypto Winter that has seen a lot of entities fall from grace.

Since the upgrade to the network in September 2021, which included the provision of capability for smart contracts, there has been enormous development.

Cardano’s Smart Contracts Nearing The 3000 Mark

Additionally, as of July 12, the total number of transaction protocols based on Plutus functionality, a smart contracts platform that is powered by Cardano, has achieved a new milestone of 2,900, only short of another 100 smart contracts of reaching the 3,000 mark, data from Cardano Blockchain Insights shows.

The update allowed Cardano to provide decentralized finance [DeFi] application development platform and programmability to the developer community.