The crypto industry is booming as Bitcoin leads the charge. Bitcoin roared back above $56,000 on Monday, helping push the total market cap of all coins to over $2.25 trillion and the fear and greed index to 76. This rally has helped to push the prices of other popular tokens like COTI and Jasmy much higher.
COTI price has gone vertical
COTI is a blockchain project that aims to improve the performance and privacy of Ethereum, the second-biggest player in the industry. The goal is to solve the privacy concerns that have long remained in Ethereum by enabling end-to-end encryption.
Further, COTI is a versatile layer 2 network with EVM capabilities that enables developers to build applications that are easy to use and secure. For example, its computation capabilities are about 250 lighter than other privacy-focused platforms.
COTI token price has gone vertical in the past few days, making it one of the best-performing cryptocurrencies in the industry. This rally happened after the developers announced that $COTI Treasury deposits would be rewarded with gCOTI. Also, the developers recently announced that they had achieved a breakthrough encryption feature.
We've achieved a breakthrough in blockchain encryption to be used on the blockchain for the very first time! 🌐
This innovation promises to revolutionize privacy and security in the blockchain space.
Dive into this 🧵to learn more
[1/8] pic.twitter.com/CwbKOEeZ1x
On the daily chart, we see that the COTI token price has jumped sharply in the past few days. This rally happened as the Fear of Missing Out (FOMO) happened and as the token trended in key platforms like CoinMarketCap and Twitter.
COTI price has remained above the 50-day Arnaud Legoux Moving Average (ALMA) while the Relative Strength Index (RSI) and the MACD have continued rising.
Therefore, the outlook for COTI is still bullish but I suspect that a profit-taking pullback will happen soon. If this happens, the token could retest the key support at $0.20.
Jasmy price forecast
JasmyCoin has also been one of the best-performing coins recently as it more than doubled this year. On the daily chart, we see that the coin has held steady above all moving averages. The MACD and the Relative Strength Index (RSI) have all pointed upward.
Notably, Jasmy has formed what looks like a bullish pennant pattern, which is characterised by a long vertical line followed by a triangle-like formation. In most cases, this pattern is usually followed by a bullish breakout.
Therefore, in this case, and with Bitcoin sitting above $56,000, the most likely scenario is where the JASMY token makes a bullish breakout. This view will be confirmed if Jasmy surges above the key resistance at $0.018.
However, a drop below the support at $0.012 will point to more downside as it will invalidate the bullish flag pattern.
The post COTI and Jasmy prices prediction as the crypto fear and greed rises appeared first on Invezz
