CTSI/USDT: A Potential Bounce Opportunity Presents Itself…

Monday has brought with it some decent moves on a few altcoins. ORN has seen a huge breakout with an upside move of nearly 30%. The Cartesi token (CTSI) is also doing great things in its pairing with Tether. 

The move by CTSI comes on the back of the launch of its accelerator program, which aims to take projects built on the platform to the next level. The program also comes with investment opportunities and technical support to take projects to the next level.

The CTSI/USDT pair surged this Monday, but a steep retracement has erased half of this spike. Still, the coin is 78.91% higher as of the time of writing. 

Technical Outlook for CTSI/USDT

The retracement on the pair could find immediate support at the 61.8% Fibonacci retracement level close to 0.8135, just above the 5 April high at 0.8000. A bounce at this point targets 0.9010 (50% retracement), with the price zone at 0.9994 and 1.06416 forming an additional upside barrier.

On the other hand, a decline below 0.80000 opens the door for a steeper correction towards 0.74424 initially, before 0.6889 (78.6% Fibonacci retracement) and 0.6004 come into the picture as additional targets to the south.