NewsPrice Analysis

Cartesi Collaborated With Elrond, Shooting up the CTSI Price Nearly 200% in Hours

Author: Sohrab Khawas

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    Story Highlights
    • Cartesi announced its partnership with a blockchain platform Elrond in the early trading hours

    • The Cartesi price shot up more nearly 200% with a huge influx of trading volume which rose more than 7000%

    CTSI plus EGLD to enable Linux enabled Smart contracts

    Cartesi announced its collaboration with Elrond to bring blockchain to mainstream adoption, aiming to create great opportunities for the new generation of more complex decentralized applications. 

    As per the official announcement, the collaboration is a part of Cartesi’s continual emphasis on allowing the developers to deploy their DApps on the most relevant blockchains. On the other hand, Elrond is one of the fastest-growing blockchain platforms which is highly scalable, fast and secure.

    Therefore the collaboration intends to expand the array of possibilities for smart contract developers on the Elrond platform to use software stacks supported by Linux. Other advantages of this coalition would be higher productivity and a massive off-chain computational throughput for smart contracts on Elrond.

    Cartesi(CTSI) Price Analysis

    The CTSI price chart appears to be very interesting as the spike appearing after a much longer wait is after a constant price movement below $0.1 since inception. The trading volume rose like a monster, more than 7000%, spiked from around $6 million to more than $570 million in the last 24 hours. 

    CTSI price

    The market capitalization also rose nearly 187.69% from just $27 million to more than $82 million. Considering the technical indicators, the RSI levels shot up from 47.53 to as high as 96.51 exhibiting a huge bullish momentum. However, the levels dropped slightly but still remain in the overbought range at 70.

    The CTSI price at the time of writing is $0.2841 with a massive jump of 196.88% compared to the last 24 hours. With the CTSI price major breakout, many more IEO’s are also expected to join the party as predicted by a popular analyst, Micheal van de Poppe.

    Technical Specifications

    • The current resistance levels are formed at the highest levels at $0.4686
    • The support levels lie at the previous levels at $0.095
    • The technical indicators point out towards a ‘buy’ signal
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