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Cartesi CTSI Surges +86% Amid listing on Kraken Exchange – CTSI Breakout Analysis
Cartesi CTSI is trading in an uptrend, like many other Altcoins. The cryptocurrency CTSI just went up +86% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +105% in a week.
What is Cartesi?
Cartesi CTSI is taking smart contracts to the next level, solving the urgent problem of scalability and high fees on blockchains by implementing a variant of optimistic roll-ups. Most notably, Cartesi is revolutionising smart contract programming by allowing developers to code with mainstream software stacks. Noether is Cartesi’s side-chain that’s optimised for ephemeral data, providing low-cost data availability to DApps.
CTSI Price Analysis
At the time of writing, CTSI is ranked 145th cryptocurrency globally and the current price is A$1.12. This represents a +105% increase since August 2, 2021 (seven days ago), as shown in the chart below.
After looking at the above 4-Hour candle chart, we can clearly see that CTSI was trading inside the rising wedge pattern on the CTSI/USDT pair. The first resistance was on the A$0.6936 price level, which CTSI broke with a strong bullish trend buying volume and is now heading towards the previous monthly high price at A$1.35. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, CTSI may continue to increase in the uptrend if traders keep buying with high volume.
“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. As a reversal pattern, the rising wedge will slope up and with the prevailing trend.”
What Do the Technical Indicators Say?
TradingView indicators (on the one-day window) mainly suggest CTSI as a Strong Buy, except the Oscillators, which indicate CTSI as a Buy.
So Why Did CTSI Breakout?
General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent massive price corrections. Another reason for this sudden pump in price could be whales secretly buying CTSI for the next Altcoins rally. Recent news was also announced regarding Kraken Exchange listing Cartesi CTSI with USD & EUR trading pairs.
Where to Buy or Trade CTSI?
CTSI has high liquidity on the Binance exchange, which could help for trading CTSI/BTC or CTSI/USDT pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia. However, you can also buy this coin from different exchanges listed on Coinmarketcap.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
