- Summary:
- We look at Shentu price prediction after the CTK price skyrocketed following a successful upgrade to the security-centric blockchain.
Shentu (CTK) price went down substantially in the intraday session on Thursday, losing 15.3 percent of its value to trade at $0.900. Nonetheless, the crypto asset is still at its highest point in nearly two months, having risen by 52.34 percent on Wednesday. Furthermore, it is up by 28 percent in the last week, making it relatively profitable. The CTK price skyrocketed on Wednesday on news of a successful upgrade of the Shentu blockchain to V2.10
The Shentu token is the utility token within the Shentu chain. It is used for governance voting, paying gas fess, staking, rewards for participating in the Security Oracle network and for reimbursements and collateral for the ShentuShield Reimbursement Pool. The blockchain upgrade is a major milestone for Shentu Chain, which itself is a Delegated Proof-of-Stake blockchain.
The upgrade was approved by the Shentu Community three days ago, and it brings significant security enhancements to the Shentu mainnet. The CTK token is central to the successful implementation of the upgrade, as community members will need it to contribute to securing the ecosystem. The blockchain security platform offers different types of security for blockchain projects at different levels, from development, through deployment to post-deployment. Also, it frequently holds bounty competitions to attract the best whitehat hackers in the sector to identify vulnerabilities in everything from bugs to smart contracts. Winners are rewarded in CTK tokens.
Technical analysis
Shantu price prediction will rely on the momentum relative to the pivot mark at 0.967. The current momentum favours the downside, and the sellers will be in control if resistance persists at 0.967. The downward momentum will find the first support at 0.850, but an extended support by the sellers could propel further losses to test 0.720. Alternatively, a move above 0.967 will signal likely control by the buyers, with the upward momentum likely to encounter the next resistance at 1.121. A break above that mark will invalidate the downside narrative, and could build the strength to head higher and test 1.251.
