Celer (CELR), Cartesi (CTSI) and Compound (COMP) rally as DeFi heats up
Bitcoin bulls are still struggling to push the price to a new high but the positive sign is that BTC has not corrected sharply in the past few days and the top-ranked cryptocurrency has held a market capitalization above $1 trillion since March 26.
While many are wondering what Bitcoin’s next move will be, a Bloomberg Intelligence report by senior commodity strategist Mike McGlone projects that BTC will rally to $80,000 in the second quarter rather than slump to the $40,000 level.
This suggests that the bullish sentiment has weakened and traders are not rushing to buy the dips. The flattening 20-day EMA and the relative strength index (RSI) below 54 points to a possible range-bound action in the short term.
If the buyers defend the $0.065 support, the CELR/USDT pair could attempt to resume the up-move but it is likely to meet stiff resistance at $0.087 and then $0.095. However, if the bulls propel the price above $0.103, the pair could rally to $0.122 and then $0.155.
On the downside, if the bears sink the price below $0.065, the decline could extend to the next support at the 50-day simple moving average ($0.047). Such a deep correction usually delays the start of the next leg of the uptrend.
Cartesi (CTSI) aims to take the traditional tools used by the developer community and merge them with decentralized tools. This could attract several developers to decentralization who are currently held back due to the different programming languages being used for blockchain. Additionally, the team believes that their technology could increase the computational power of certain applications by 10,000%.
In the past couple of months, Cartesi has announced partnerships with Injective, Travala, IOTA, Polygon, Elrond, and Avalanche. Over the next few weeks and months, the crypto community will keenly watch Cartesi’s layer-2 technology to see if it can enhance computational throughput and implement processing-intensive applications without compromising security.
CTSI has been in an uptrend for the past few weeks. It rallied from an intraday low at $0.077 on Feb. 8 to an intraday high at $0.896 on April 4, a 1,063% rally within two months.
The COMP/USDT pair is stuck inside a large range between $320 and $558. The current pullback could find support at the 20-day EMA ($444), which has started to turn up. If the pair rebounds off this level, the bulls will once again try to push the price above the overhead zone.
If the bulls succeed, the pair could start the next leg of the uptrend which has a target objective at $796.
Contrary to this assumption, if the price slips below the moving averages, it could extend the decline and reach the support at $320. A break below this critical support could intensify selling and pull the price down to $200.
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