COTI Plummets to Zero After SEC Labels Token as Security, But Green Crypto Surges to $5.1 Million

COTI Plummets to Zero After SEC Labels Token as Security, But Green Crypto Surges to $5.1 Million – Is It the Perfect Buying Opportunity?

ByJimmy Aki

Updated: 22 June 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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$COTI’s price is rapidly plummeting to zero after being designated as a security by the US Securities and Exchange Commission (SEC).

The SEC has recently taken legal action against Binance and Coinbase, classifying $COTI and several other cryptocurrencies as securities.

Amidst this turmoil, a utility-driven token, $ECOTERRA, has emerged as a standout performer, reaching an impressive presale valuation of $5.1 million.

$COTI Price Retraces Despite SEC Clampdown

At press time, the $COTI token is trading at $0.05. This indicates an increase of 6.36% in the last 24 hours but a decline of over 27% compared to last month.

Analyzing $COTI’s performance over a shorter timeframe reveals a 10.15% upward movement in the past week, suggesting an ongoing rally.

With a trading volume of $4 million in the last 24 hours, the coin is retracing its bullish trend.

However, $COTI has displayed a bearish sentiment over the long term, experiencing a 30-day decrease of 26.73% and a downtrend of 32.93% over the past 3 months.

Its year-to-date (YTD) performance is also in negative territory, with a 6.90% decline recorded so far.

Based on technical charts, it seems that the recent uptrend hasn’t provided substantial support to the asset’s price.

The current movement of $COTI indicates a bearish trend. Its price is currently trailing below the 50-day simple moving average (SMA) of $0.06 in the short term and the 200-day SMA of $0.10 in the long term.

Therefore, investors should anticipate price fluctuations between the current price and the 50-day SMA, with the possibility of a sustained rally in the value of $COTI.

The technical analysis reveals that $COTI has retraced due to recent bullish sentiment.

Currently, the asset is approaching the 23.6% Fibonacci retracement level of $0.053, suggesting the potential for further price growth if the bullish trend continues.

However, if the SEC lawsuit favors the regulatory body, the price of $COTI may experience further decline, potentially dropping as low as the 0% Fibonacci retracement level of $0.03 in the near future.

Its relative strength index (RSI) metric of 40.69 indicates that the asset is currently underbought, while the moving average convergence divergence (MACD) displays a buy signal.

$COTI Native Gets Listed on Ledger Live

Despite the SEC’s recent designation of $COTI as a security, the COTI network is actively pursuing more fundamental uses of its coin.

In a recent development, the COTI network announced that Native $COTI is now available as a supported asset on Ledger Live.

We’ve been asked ‘wen Ledger’ countless times, and we are excited to announce that @Ledger Live now supports Native $COTI! You’re now able to transfer and hold your Native $COTI in Nano S, S+ and Nano X cold storage wallets.

Find out more: https://t.co/Q1y3np0Da1 $COTI pic.twitter.com/gllI7b4AdF

— COTI (@COTInetwork) June 19, 2023

Ledger Live has incorporated the COTI App and is now fully compatible with Nano S, S+, and Nano X cold wallets.

This development would enhance the security and functionality for Native $COTI holders.

Users can now easily transfer their $COTI coins directly from their VIPER wallet and securely store them on their preferred Ledger device.

Green Crypto $ECOTERRA Enjoys Significant Surge

Despite the challenging situation surrounding $COTI, there are encouraging prospects for $ECOTERRA, the utility token of the ecoterra platform.

Ecoterra is a green initiative that promotes environmentally friendly practices by incentivizing individuals and businesses to participate in recycling activities.

This eco-friendly project encompasses a comprehensive ecosystem, including a marketplace for carbon offsetting, recycled materials, and an environmental impact tracking system.

📱🍾 The phone #App #Demo is right around the corner, so start gathering the bottles and cans you'd like to scan 🍹🥤

Stay tuned and don't miss out on joining our #Presale today ⬇️https://t.co/1fYkPOsPYG #R2E #RecycleToEarn #Crypto #AppRelease #Cryptocurrency #UtilisedToken pic.twitter.com/7CvQ7kr0JC

— ecoterra (@ecoterraio) June 21, 2023

One notable feature is the recycle-to-earn (R2E) mechanism, which rewards users with $ECOTERRA tokens when they recycle through reverse vending machines (RVMs).

Ecoterra caters to a wide range of users, including individuals, small businesses, large corporations, industries, governments, and non-governmental organizations (NGOs).

The platform aims to offer benefits and solutions to these diverse groups to foster a more sustainable future.

🔥 Calling all NFT lovers! 🔥

We reward our #App users with carbon credits in the form of #NFTs, providing you with financial opportunities when you sell or trade them 💚💰

Join our #Presale now ⬇️https://t.co/1fYkPOsPYG #Cryptocurrency #DigitalAsset #R2E #CryptoPresale pic.twitter.com/dIdT0pgrP4

— ecoterra (@ecoterraio) June 22, 2023