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Cryptocurrency News Articles
Catizen (CATI) Price Breaks Out From Resistance Trend Line, Signaling Recovery Possibility
Sep 23, 2024 at 11:09 pm
Catizen (CATI) is a tap-to-earn game launched on Sept. 20. It is already among the top 200 biggest cryptocurrencies by market capitalization
Catizen (CATI) is a new tap-to-earn game that was launched on September 20. Despite being a recently launched project, CATI has already managed to rank among the top 200 biggest cryptocurrencies by market capitalization, currently sitting at position 194 with a market cap of $235 million.
Being the first cat meme coin to be listed on Binance, CATI has attracted a lot of attention, ranking 24 in volume over the past 24 hours. While the CATI price has generally trended downwards since its launch, it recently broke out from a descending resistance trend line, opening up the possibility for the token to recover and reach new highs.
CATI Price Breaks Out
The launch of CATI has sparked interest among several exchanges. Cross-chain decentralized exchange STON.fi launched CATI farming on September 20, allocating $86,000 in rewards.
Centralized exchange OKX also listed CATI on its perpetual futures trading platform, and Gate.IO exchange launched CATI staking with an APR of 225.31%.
But the airdrop also faced some problems, with many users complaining about the unfair and seemingly random allocation of the Season 1 airdrop, which saw over 150 million CATI being distributed to players.
Related: Hamster Kombat Price Prediction 2024: HMSTR Price Analysis
Despite this, the CATI price showed strength on September 23 by breaking out from a descending resistance trend line. It is currently validating the trend line as support.
Before the breakout, the token completed an A-B-C corrective structure. The Relative Strength Index (RSI) and MACD indicators are also supporting the breakout by generating bullish divergences (green).
It is worth noting, however, that the divergences are only present in the 10-minute time frame, which could result in a weaker reaction.
If the upward movement continues, the main resistance zone will be at $0.93-$0.97, created by the 0.5-0618 Fibonacci retracement resistance level.
Future Trend Unclear
The CATI price has been on a downward trend since its listing. While it showed some strength recently with the breakout from the resistance trend line, the breakout is only visible in the short term and there isn't enough price history to make a confident prediction for the future trend.
Keep Reading: Catizen Price Prediction 2024: CATI Price Analysis
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