CTSI Technical Analysis: Reversal Rally Ready To Challenge 100-day SMA

The bullish reversal in CTSI prices surpasses the 50-day SMA and increases the likelihood of a price jump above the resistance zone below $0.30. Key technical points: The CTSI market price has increased 4.87% over the past 24 hours. The price jump surpasses the 50-day SMA. The 24-hour trading volume of Cartesi is $65.73 Million, indicating a hike of 137%. Past Performance of CTSI The CTSI prices crumble after the bullish failure to give a bullish breakout of the rounding bottom pattern with a neckline at $0.54. This failure led to a 70% downfall within six weeks of April and early May, resulting in a dip to the $0.17 mark. However, the buyers successfully capitalized on the halt in the selling spree and surpassed the 50-day SMA with a 35% jump in the last two weeks. Source- Tradingview CTSI Technical Analysis The double bottom reversal pushes the CTSI prices higher with an increase in buying pressure evident by the growth in trading volume. Hence, the traders can find the buying spree continuing to reach $0.30. The crucial Simple Moving Averages: 50(red), 100(orange), and 200(black)-days maintains a bearish alignment. However, the 50-day SMA breakout increases the chances of a price jump to the 100-day SMA close to $0.30. The MACD and signal lines display an uptrend with an increasing bullish spread crossing above the zero line with a rising trend in the bullish histograms. Hence, as the bullish momentum increases, the MACD in...