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

Key technical points:

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 indicator gives a strong buying signal.  The RSI indicator indicates an unrelenting uptrend striving to reach the overbought boundary line. Moreover, the parabolic recovery in the 14-day SMA increases the chances of a bullish extension. In short, the CTSI technical analysis shows a bullish bias the positive sentiment for the altcoin improves over the week.

Upcoming Trend

The ongoing uptrend in CTSI prices shows no reversal signal, meaning traders can find buying opportunities with a target of $0.30.

Resistance Levels: $0.28 and $0.30

Support Levels: $0.20 and $0.17