Summary:
-
Cartesi price (CTSI/USD) spiked 16% in the last 24 hours.
-
Cartesi spiked earlier this month after RockX launched a pool with its Noether staking delegation.
-
Cartesi bridges the gap between smart contracts and mainstream programming languages.
The utility token of the blockchain-based programming platform Cartesi (CTSI/USD) rallied more than 15% in the last 24 hours, with trading volume spiking more than 54%. It is bouncing back after pulling back from all-time highs reached earlier this month.
Cartesi seems to be riding secondary tailwinds from a November 10th announcement that spiked a rise of more than 100%. The platform expressed optimism after RockX launched a pool with its Noether staking delegation.
Should you buy the rebound?
From an investment perspective, Cartesi creates a unique opportunity for the software development industry, allowing developers to code smart contracts with mainstream programming languages like Python, REST, MongoDB, MySQL, Ruby.
As a result, it offers a more scalable ecosystem compared to Ethereum, thus giving it an exciting outlook.
Cartesi’s market value has now soared to a market cap of more than 532 million. However, it is still below the all-time highs reached on the 11th of November, thus leaving room for more upward movements.
Source – TradingView
Technically, Cartesi seems to have recently bounced back to complete an upward breakout from a descending channel formation.
However, with the CTSI/USD price yet to reach overbought conditions, the current rally could continue for the foreseeable future.
Therefore, investors could target extended gains at about $1.3097, or higher at $1.4241. On the other hand, $0.9369 and $0.8182 are crucial support levels.
In summary, the current rebound in the CTSI price seems to have more room left to run.