Cartesi (CTSI) price has been in an intense downtrend for the past couple of months. CTSI crypto price performed very well in the first few months of 2023. However, the price tanked very hard after its peak in April 2023. Since then, Cartesi has lost nearly 57% of its value.
The latest analysis reveals that if the CTSI coin price doesn’t rebound soon, another 26.5% drop could be on the cards. On Wednesday, Cartesi price plummeted 4% as the cryptocurrencies continued to experience an increased selling pressure.
The Securities and Exchange Commission of the United States has sued the crypto exchanges Binance and Coinbase. The top regulator appears to be coming with guns blazing after crypto as it took action against both leading exchanges within less than 48 hrs. This sent altcoin prices tumbling to their fresh monthly lows.
Cartesi price also got affected by the bearish sentiment in the market and is currently trading near its May 2023 lows. While the BTC price is showing strength in these tough times, the SEC’s action may affect the prices quite negatively in the mid to short term.
Technical analysis of the CTSI crypto price chart reveals that the coin needs to bounce soon or things may turn pretty ugly for the bulls. The price is currently retesting a major support level of $0.16 which has resulted in a strong bounce in May 2023.
Cartesi price prediction will become very bearish if it gains acceptance below the $0.16 level. In such a scenario, I expect a retest of the March lows around $0.115. This will be a 26.5% drop from the current level. There is also a slight chance of another relief bounce from the current $0.16 level.
I’ll keep sharing the updated Cartesi coin price analysis and my trades in the free Telegram group, which you are welcome to join.
This post was last modified on Jun 07, 2023, 14:49 BST 14:49