- COTI’s selection for Israel’s CBDC project boosts its status alongside PayPal and Fireblocks.
- COTI’s 8.19% price increase, driven by a 950.61% volume surge, signals strong market interest.
- Breakout with strong bullish candle suggests COTI may see a two-fold increase soon.
COTI, a blockchain network focused on payments, has been selected by the Central Bank of Israel to participate in its Central Bank Digital Currency (CBDC) pilot project.
This collaboration places COTI alongside established financial players like PayPal and Fireblocks, marking a significant step forward for the blockchain network in the global financial landscape.
As noted by analyst Dan Gambardello, the only blockchain network chosen, COTI is poised to play a crucial role in shaping the future of digital currencies issued by central banks.
The Bank of Israel has been diligently exploring the potential of CBDCs since 2018. Their goal is to leverage advanced technologies to optimize digital currency systems. COTI’s involvement in this project is particularly noteworthy due to its focus on privacy and operational efficiency. These features are expected to significantly contribute to the success of the CBDC initiative.
Currently priced at $0.1121, COTI has jumped 8.19% over the past 24 hours. This upward trend is supported by a dramatic increase in trading volume. The volume soared by 950.61%, reaching $54,336,700, indicating heightened market activity and interest in COTI.
An analysis of the support and resistance levels reveals a positive outlook for COTI. The support levels at $0.105 and $0.103 have proven resilient, aiding in the recent price rebound and maintaining bullish momentum.
Conversely, resistance levels at $0.115 and $0.120 are critical. Breaking above these resistance points could signal further upward movement and reinforce the current bullish trend.
Further noted by analyst, World Of Charts, COTI’s shows a confirmed breakout with a strong bullish candle. This suggests that the cryptocurrency is on track for a potential two-fold increase in the coming days.
COTI/USD 4-hour price chart, Source: Trading view
The 4-hour Relative Strength Index (RSI) stands at 58.93, indicating a neutral position. Meanwhile, the 4-hour Moving Average Convergence Divergence (MACD) trading above the signal line supports bullish momentum in the short term.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
