Yello, Paradisers! Is #COTIUSDT about to break out, or are we heading for a bearish breakdown? Let's break down the latest setup of #COTI :
๐The current falling wedge formation on the 8-hour chart is showing high potential for a bullish reversal. This pattern, coupled with a liquidity sweep at the lower boundary, has already shaken out impatient traders. But remember, no move is confirmed until we see a decisive breakout. #COTIUSD is moving to retest the descending resistance.
๐COTI is facing a tough resistance at $0.142, aligning perfectly with the descending wedgeโs upper boundary. A clean break and close above this level on the 8-hour timeframe could spark a rally toward the $0.18โ$0.19 major supply wall, where sellers are likely to pile in.
๐On the downside, $0.09719 remains a strong support zone, where buyers have historically stepped in. If #COTI closes below this level, we may see a sharper decline toward the $0.077 demand zone, which is the last line of defense for bulls.
๐A close below $0.07780 would invalidate the bullish setup entirely and signal a potential plunge to lower lows. This breakdown would open the door for further bearish momentum, with sellers fully in control.
Stay focused, patient, and disciplined, Paradisers๐ฅ
