Top 3 Coins to Watch Today: COTI, DUSK, THETA – February 1 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Coti (COTI)

COTI markets itself as the first enterprise-grade fintech platform that empowers organisations to build their own payment solutions as well as digitise any currency to save time as well as money. COTI is one of the world’s first blockchain protocols that is optimised for decentralised payments and designed for use by merchants, governments, payment DApps, and stablecoin issuers. The ecosystem has a DAG-based blockchain, proof-of-trust consensus algorithm, multiDAG, GTS (Global Trust System), a universal payment solution, and a payment gateway.

COTI Price Analysis

At the time of writing, COTI is ranked the 170^th cryptocurrency globally and the current price is US$0.3304. Let’s take a look at the chart below for price analysis:

COTI‘s 682% rally during H2 2022 broke down during November and has since been in a bearish trend on the daily chart. The price recently swept lows below a contested area at $0.2352, which prompted a rally during the last week into resistance at the 40 EMA near $0.3288. 

It remains to be seen whether this contested area from $0.2703 to $0.2352 can support a retest.

Unless the overall market turns bullish, a bearish continuation to possible support near $0.2065 – just under the 78.6% retracement level – seems likely. This area has sparked multiple consolidations.

A break of this level might continue to possible support near $0.1599, where the H2 2022 rally began accumulating before its run.

If the market continues its rally, breaking through resistance near the 2021 yearly open, the macro range highs near $0.4613 might provide the next resistance.

2. Dusk Network (DUSK)

Dusk Network describes itself as a blockchain for programmable and confidential securities, powered by Zero-Knowledge proofs and a novel Private PoS leader extraction-based consensus protocol. Dusk Network is a privacy blockchain for financial applications. It is a layer-1 blockchain that powers the Confidential Security Contract (XSC) standard and supports native confidential smart contracts.

DUSK Price Analysis

At the time of writing, DUSK is ranked the 196^th cryptocurrency globally and the current price is US$0.5727. Let’s take a look at the chart below for price analysis:

DUSK‘s stunning 1,310% rally from its June lows to December highs shows signs of a more significant bearish reversal after a failed rally in mid-January.

An area near $0.5546, which has confluence with the 9 EMA and the most recent consolidation, is likely to provide resistance.

Possible support under a significant recent swing low and the 61.8% retracement, near $0.4605, may be the next bearish target.

If this area fails to provide support, an area near $0.2625 might offer the next support and potentially a longer-term bottom. This area has confluence with the 78.6% retracement and the consolidation preceding the sharpest leg of H2’s rally.

If market conditions become more bullish and resistance near $0.5546 breaks, an area near the last down moves midpoint, around $0.7737, could provide the next resistance. 

A more sustained move upward may retest the 2022 open near $0.9356. However, the current market conditions reduce the probability of a significant rally.

3. Theta Network (THETA)

Theta Network THETA is a blockchain-powered network purpose-built for video streaming. Launched in March 2019, the Theta mainnet operates as a decentralised network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis. Theta features its own native cryptocurrency token, THETA, which performs various governance tasks within the network, and counts Google, Binance, Blockchain Ventures, Gumi, Sony Europe, and Samsung as Enterprise validators, along with a Guardian network of thousands of community-run guardian nodes.

THETA Price Analysis

At the time of writing, THETA is ranked the 45^th cryptocurrency globally and the current price is US$2.90. Let’s take a look at the chart below for price analysis:

THETA has been gradually trending downwards since its massive 44,582% rally through 2020 into April 2021.

The 9 and 18 EMAs, near $2.941 and an old consolidation area, might provide resistance to propel the price down to possible support.

Multiple swing lows under an area of old consolidation, near $1.136, could be the next downside target. If this level breaks, higher-timeframe consolidation near $0.772 might provide the following support.

However, if the current resistance breaks, an area near $3.678 and the 40 EMA might be the next level to watch. This level supported multiple past retests, which means it may flip to resistance.

A more substantial rally could push through 2022 yearly open, revisiting the lows of an old consolidation from $4.986 to $5.830. If this move occurs, it could set the stage for a more extensive consolidation or the start of a new bullish trend.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.