We will be conducting a macro analysis between the three competitors UTK, COTI, and REQ while analyzing their technical status and comparing all three together in the end.
UTK has been making remarkable developments and has been moving strongly price-wise. The current market structure is an HTF descending triangle, which is inherently a bearish structure and suggests a break of support. Nevertheless, the strength at these levels is honestly mind-bending. These are signs where the project delivers new developments and partnerships daily.
Should this descending triangle still break down for any reason, the marked out red level below would be the first stop, where the price would see a reaction.
Looking at the MKAST algorithm, there is much chop going on, and this is due to the price moving strongly sideways currently.
The MKAST Index shows a substantial bullish divergence compared to the chart, as it is making consistent higher lows while the chart is going sideways.
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COTI has been showing some strength lately in a bullish market structure yet failed to break out and continue the reversal. On the chart, one can see a failed breakout from a falling wedge and just a simple re-test of the above key-area of resistance.
It is coming back down to the LenLen Ribbon and is looking to make a double bottom at that ribbon level. Furthermore, the volume is strongly decreasing, and the price is approaching the 78.6% Fibonacci level.
The MKAST Algorithm is currently showing a bullish condition, which started at the breakout of the falling wedge and the break of the key-area of resistance. This is understandable since the bullishness technically remains.
REQ just recently hit its key-area of support and is currently bouncing from that level. The bounce is not as strong as expected, and it seems like it will return for another re-test of the mentioned key-area of support.
The breakout itself was strong enough and with substantial volume, yet it has been slowly rejecting a key-level of resistance and failing to break it. Nevertheless, the more tests and touches of the resistance there are and will be, the weaker it will become and eventually break altogether.
The MKAST algorithm is showing a bullish condition, which is entirely understandable at the current levels. Yet the MKAST Index shows 13/15 points, which is quite high regarding the slow price movement and suggests a soon incoming retrace back to the key area of support.
All in all, all three competitors show a noticeably clear line.
UTK with its strong bullishness and incredible hold of support, which seems to withstand anything that gets in its way. It is about to break to the triangle structure's upside and make its way back to the highs.
Following this, COTI is next in line. It has been breaking out from the falling wedge and is giving a substantial opportunity for an experienced trader for an entry with a relatively easy invalidation level below.
Finally, REQ is not extremely bearish, just in the middle of a retrace, where the trade opportunity most likely will arise in the following weeks, compared to the other two competitors.
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