2 ways to go long on COT
Updated
Prior cup-handle possibility observed did not pan out.
Project still seems to be executing, exchange listings and DEX liquidity continue to support it. ETH run up agains BTC has taken market interest away from apps on ETH and put it to ETH, so there is still some downward potential but the closer we get to 0 the less likely it becomes. There are two ways to go long, now and later. Depicted with two different positions. Interestingly the risk/reward ratio is not that different in my view, so you may as well wait to add to your position later, after seeing the price climb above the ascending resistance (red extension to the prior ascending support). This ascending resistance likely will not be crossed until super-bullish and exuberant sentiment on ETH calms down.
News on Optimistic rollup integration in ETH, BSC (binance smart chain) launch of COT, or growth of TVL on BSC could move this project to bring it to test the descending resistance, prior highs or push to new all time highs.
The value-proposition of distributed marketplace of trading intelligence seems strong. Multiple assets, multiple chains, multiple applications and multiple means to stake in a given app can be accommodated in single portfolio with a non-custodial, 'unsubscribe any-moment' model. Especially when this DeFi party of "you can get 50+% APY anywhere" is over, intelligence of traders and stakers will help separate the wheat from the chaff. The marketplace of trading ideas will flourish when this era of 'even the dumbest trader can make 50+%' ends.
Long-tail, low-likelihood upshot of the project is that non-custodial management of assets may one day be extended to NFTs or governance use cases for delegated asset management/rental/vote casting.
Project still seems to be executing, exchange listings and DEX liquidity continue to support it. ETH run up agains BTC has taken market interest away from apps on ETH and put it to ETH, so there is still some downward potential but the closer we get to 0 the less likely it becomes. There are two ways to go long, now and later. Depicted with two different positions. Interestingly the risk/reward ratio is not that different in my view, so you may as well wait to add to your position later, after seeing the price climb above the ascending resistance (red extension to the prior ascending support). This ascending resistance likely will not be crossed until super-bullish and exuberant sentiment on ETH calms down.
News on Optimistic rollup integration in ETH, BSC (binance smart chain) launch of COT, or growth of TVL on BSC could move this project to bring it to test the descending resistance, prior highs or push to new all time highs.
The value-proposition of distributed marketplace of trading intelligence seems strong. Multiple assets, multiple chains, multiple applications and multiple means to stake in a given app can be accommodated in single portfolio with a non-custodial, 'unsubscribe any-moment' model. Especially when this DeFi party of "you can get 50+% APY anywhere" is over, intelligence of traders and stakers will help separate the wheat from the chaff. The marketplace of trading ideas will flourish when this era of 'even the dumbest trader can make 50+%' ends.
Long-tail, low-likelihood upshot of the project is that non-custodial management of assets may one day be extended to NFTs or governance use cases for delegated asset management/rental/vote casting.
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