Cartesi Price Prediction: CTSI Shrinks 1% – Bridging the Gap in Smart Contracts?

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Cartesi CTSI has shown signs of a steady decline in the past week, with a 14.3% price drop. However, its price at 4:21 a.m. EST today is $0.11, with a slight increase of 0.2%. Its rapid decline from $0.15 on August 14 to $0.11 indicates a rise in bearish pressure.

Cartesi CTSI has remained below the $0.16 resistance level since July 20, although the $0.11 support level prevents further price drop for the asset. Also, the asset has been in a sideways trend since August 18, signaling a reduction in its trading volume.

It continues to trade close to its support level of $0.11, maintaining this price level from August 21 till date. Despite repeatedly testing the $0.16 resistance, the bulls failed to break above it to force a price recovery.

For Courtesy CTSI to rally again, it must break out of the sideways trend and trade above the closest resistance level.

What Next For Cartesi?

CTSI has repeatedly attempted to shake off the bearish pressure and force a rally. However, the small-sized candles on the daily chart hint at fading investor interest, likely due to increased fear.

Today’s fear and greed index is 37, with traders proceeding more cautiously due to the sharp downturn on August 17.

Historically, CTSI snapped out of a sideway trend to touch the $0.17 price level on July 10; a repeat of such price action is still possible, although it will likely drop into the oversold region first.

CTSI is in the lower region of the Donchian Channel (DC), confirming that selling pressure is rising despite the limited trading activity.

The Relative Strength Index (RSI) has a value of 36.65, showing the dominance of sellers in the market. But it is rising, suggesting a potential recovery ahead for the asset since it has found support.

Also, the Moving Average Convergence Divergence (MACD) shows a fading sell signal dropping below its signal line. The fading Histogram bars suggest a potential re-entry of buyers in the present support zone.

The Fibonacci Retracement tool reveals that a psychological resistance level forms at the 23.6% Fib level ($0.12) critical to a price recovery for CTSI. After it found support at $0.11, a break above $0.12 could trigger the buyers to force a rally to the $0.16 resistance level.

However, the small-sized candles confirm fear and indecision as the prevalent market sentiment and might signal a continuation of the sideways trend for the next few days.

Nevertheless, if more buyers open long positions, forcing a price recovery, then $0.12 is the closest target to take profit.

Cartesi Rollups Could Be Pivot For Price Recovery

On August 16, a Cartesi contributor, Felipe Argento, introduced Cartesi Rollups as application-specific rollups with a Linux runtime.

Introducing Cartesi Rollups:

Uniting application-specific rollups with a Linux runtime, setting the stage for a decentralized future like no other.@cartesiproject
1 pic.twitter.com/EhB9KTAQ1j

— Felipe Argento (@felipeargento) August 16, 2023

According to Argenta, Cartesi Rollups is a game changer with the application-specific setup an ideal framework for advanced applications.

Cartesi Rollups is a game changer. A robust execution environment paired with an application-specific setup, makes it the ideal house for the most computationally intensive apps.
2

— Felipe Argento (@felipeargento) August 16, 2023

Users can build in a permissionless, non-discriminatory environment and optimized gas usage. Additionally, it has a fraud-proof system resistant to delay attacks.

Build with gas isolation and gas mechanic customization. Stop that crazy, dangerous crusade to minimize on-chain interactions and optimize gas usage.
4

— Felipe Argento (@felipeargento) August 16, 2023

All research and design for the projects on the rollups take place on the Cartesi Discord channel. This innovation will likely attract more users to the ecosystem and boost the value of CTSI.

The best part? It's all being built in public by a community of amazing contributors committed to creating digital public goods. All research and design take place on our Discord. Hop in; there's a lot to be done.https://t.co/JuSvSWQ2bf

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— Felipe Argento (@felipeargento) August 16, 2023

Also, Cartesi is one of the participants attending the Ethereum Global event in New York, USA. Participants can showcase their development skills and get a share of the $450,000 price pool.

These events create more awareness in the crypto community, projecting the Cartesi ecosystem as a development hub. These developers will use CTSI tokens for their transactions, thus increasing their value.

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