The Cartesi price has come back to earth. The CTSI token is trading at $0.9438, which is about 45% below the highest level this month. This drop has pushed back its market capitalization to $445 million. Its ranking has crashed to 191. It sits between Vulcan Forged and Reserve Rights Token.
Cartesi is a smart contracts platform that was co-founded by one of the founders of IOTA. Today, IOTA is one of the biggest IOT blockchain platforms in the world. Cartesi has three key products.
It has Descartes, which is a decentralized computational oracle for blockchains. It also has Descartes Rollups, which is scalable smart contracts built with mainstream stacks. Additionally, Cartesi has Noether, a high-performance side chain for data availability.
Today, several developers have embraced Cartesi as their development platform. For example, some of the dapps built using Cartesi are Carti, Creol, and Sim Thunder.
The CTSI is the native token for the ecosystem just as ETH is the token for Ethereum’s platform. It can also be staked to earn returns. The CTSI price has declined sharply in the past few days as investors take profits and as the rest of the industry sees a major sell-off.
The four-hour chart shows that the Cartesi price has been in a bearish trend in the past few days. This happened after the coin roared by more than 250% between September 22 and November 11. During this drop, the CTSI price has formed a descending channel and moved below the 61.8% Fibonacci retracement levels. The coin also seems to be forming a falling wedge pattern.
Therefore, while the coin will remain under pressure for now, a bullish breakout can’t be ruled out. All it needs is a spark or a catalyst. If this happens, the coin will likely retest its all-time high of $1.68.
This post was last modified on Nov 19, 2021, 07:52 GMT 07:52