The Ethereum ecosystem of protocols has blown up in the past couple of years. Many projects realize that to have a successful kickoff, they have to rely on the already maturing community around Ethereum.
In this article, we dive into CTSI price analysis and how this EVM-based protocol is changing the blockchain landscape.
What is Cartesi?
Cartesi is a blockchain protocol that was launched in 2018 by Erick de Moura, Augusto Teixeira, and Diego Nehab. The aim of this platform is to help close the gap between the decentralized blockchain and the traditional off-chain systems.
Cartesi achieves this huge feat using Descartes Rollup, which is a layer-2 scaling solution. This roll-up allows computations to occur offline and only onboard the final solution back onto the chain. This helps to maintain security and increase the speed of blockchains. Before the answers are used on-chain, they have to be verified and trusted, further boosting the security of the chain.
Cartesi uses its Cartesi Machine to perform these off-chain computations. This system is a direct competition to Chainlink (LINK) oracles that perform the same function. Developers can build Dapps optimized for speed and security on the Cartesi Machine. Currently, dApps built on the machine include blockchain games, DeFi apps, and blockchain domains.
The native token of the Cartesi platform is CTSI, and it is a utility token. Cartesi is the 231st largest cryptocurrency by market cap. The price of the CTSI token is $0.15 (July 13, 2023, 08:53 AM UTC) with a 24-hour trading volume of $21,536,918.
What is CTSI Price Prediction for 2023?
Cartesi has had quite an eventful life since its inception. The asset managed to an all-time high of $1.75 during the 2020-2021 bull market. This was a +6,940% increase from a low of $0.02670. However, since the bear market began, the asset has crashed back down to its current price of $0.158, a -90.80% loss in value. On the bright side, this price is only +495% (5X) from the all-time low price of $0.02670, which means it is one of the best times to invest in CTSI if you’re interested.
Year-to-Date, CTSI has been doing mildly well. As of the time of writing, CTSI is only up +51% from its price in January 2023. The highest the token reached this year was $0.3638, and that was on April 19, 2023.
In the past 24 hours, CTSI has had some bearish on-chain activity resulting in some slight downward price movement, mainly attributed to a few large wallets. However, on a weekly basis, the asset has been among the top gainers, adding +11.8% in the past two weeks.
CTSI looks like it will rise in 2023. While the asset might not rise by much, it will definitely close the year higher than it opened.
Will CTSI Price Crash in 2023?
The bearish case for CTSI is not likely in 2023 or 2024. This is because the asset is currently trading near its all-time low price. Such price zones, for any asset, are usually accumulation zones where smart money picks up more coins.
Furthermore, there is strong support at $0.0932 and $0.1251. In fact, the price of CTSI has only touched the lower support only twice in the past three months, signifying that $0.12 is quite a strong support.
This, however, does not mean that the price of CTSI will not fall. Remember that the markets are heavily manipulated and any negative news may render this price analysis mute. Black swan events heavily affect the market and disrupt the technicals of many traders. Therefore always account for these unforeseen circumstances.
Will CTSI Price Rally in 2023?
CTSI has more reasons to rally than it has to fall. The fact that it has lost 90% of its value since the last bull run market shows there is more upside potential than downside. The market is always made up of a series of Supply and Demand zones.
On the Daily chart, we can see that CTSI’s most recent S&D zones were quite profitable for Smart Money. The liquidity hunts (brown circles) indicate how much the retail traders lost and the profits market makers made. What seemed like a genuine pump, was actually a run on liquidity for the market makers. Based on this, we can see that CTSI’s price is currently inside a range with frequent price volatility to the upside.
This chart shows that liquidity on the sell side is larger than the buy side (many retail traders have set orders to short, or are currently actively shorting CTSI). Hence, smart money moves to take out their Short orders and bag the liquidity for itself.
The general trend of CTSI price action is UP. However, the upward trend is very weak and any slight news might crash it down. Based on this TA, the price of CTSI will NOT rally in 2023.
Final Thoughts
Cartesi’s fundamentals are strong and there is no doubt that in the long term, the asset will do exceedingly well. There is currently a need to reduce the cost of transactions and speed up the blockchain if traditional finance is going to be onboarded. Cartesi is well-positioned to corner this market. However, if bad news hits other major cryptocurrencies like XRP, BTC and ETH, Cartesi may not survive.