The Cartesi price skyrockets on Thursday as a massive surge in trading volume sends the CTSI token to a five-month high. Trading of Cartesi (CTSI) has jumped +882% in the last 24 hours as investors FOMO into the vertical rally. As a result, CTSI reached a high of $1.60 this morning, lifting its market to $766 million, making it the 133rd-largest cryptocurrency.
Cartesi is a layer-2 and optimistic roll-up solution that solves scalability issues and high fees on blockchains. The projects significant scalability delivers million-fold computational scalability and low transaction fees. Cartesi’s native CTSI token has performed brilliantly in 2021, gaining 3,740% year-to-date. However, it appears the market believes the price has more room to run.
CTSI Price Analysis
The daily chart shows the Cartesi price exploded after breaking out of a symmetrical triangle formation. Subsequently, CTSI has cleared the August high of $1.280. As a result, the next logical target for the bulls is May’s all-time at $1.766.
Considering the bullish momentum, the price could easily extend to a new record in the immediate future. However, the Relative Strength Index is 87.30, indicating the token is highly overbought at the current level, making it vulnerable to a violent correction.
On that basis, buying Cartesi at this price is dangerous. Of course, the price can continue to go higher in the near term but could also reverse if the panic buying dries up. For that reason, I’m neutral on the token price until the price action calms down.
Cartesi Price Chart (Daily)
For more market insights, follow Elliott on Twitter.