Catizen (CATI) Price Falls 16% After Listing but Recovers to Break Resistance
When Will Catizen (CATI) Price Recover? | Credit: Hameem Sarwar
Key Takeaways
- The Catizen (CATI) price has fallen by 16% since its listing.
- It recovered on Sept. 23 and broke out from a resistance trend line.
- Can CATI begin an upward movement and recover to new highs?
Catizen (CATI) is a tap-to-earn game launched on Sept. 20. It is already among the top 200 biggest cryptocurrencies by market capitalization, ranking 194 with a current market cap of $235 million.
It is the first cat meme coin listed on Binance and has drawn significant interest, ranking 24 in volume during the past 24 hours.
While CATI has trended downward since its launch, it recently broke out from a descending resistance trend line, paving the way for the possibility that it will recover and reach new highs.
CATI Price Breaks Out
CATI’s release has already drawn interest among various exchanges. The cross-chain decentralized exchange STON.fi launched CATI farming on Sept. 20, setting aside $86,000 in rewards.
Centralized exchange OKX has also listed CATI in its perpetual futures trading platform, while Gate.IO launched CATI staking with an APR of 225.31%.
However, the airdrop was not without its issues. Numerous users complained about the unfair and seemingly random allocation of the Season 1 airdrop, which saw more than 150 million CATI distributed to players.
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Nevertheless, the CATI price recently showed strength by breaking out from a descending resistance trend line on Sept. 23. It currently validates the trend line as support.
Before the breakout, it completed an A-B-C corrective structure.
The Relative Strength Index (RSI) and MACD indicators support the breakout since they generated bullish divergences (green). However, it is important to note that the divergences are only present in the 10-minute time frame, so their reaction could be weaker.
In any case, if the upward movement continues, the main resistance area will be between $0.93-$0.97, created by the 0.5-0618 Fibonacci retracement resistance level.
Future Trend Unclear
The CATI price has fallen since its listing. While it recently showed strength with a breakout from the resistance trend line, the breakout is only visible in the short term and there is insufficient price history to make a confident prediction for the future trend.
Read More: Catizen Price Prediction 2024: CATI Price Analysis
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