Catizen (CATI) Price Loses 30% From Recent Peak, Struggles to Find Support
CATI price falls 30% since yesterday's peak signaling the start of a corrective phase. How long will it last?
Key Takeaways
- CATI peaked at $0.8284 and entered an ABC correction.
- Critical support lies at $0.5476 and $0.4814 Fibonacci levels.
- Upside resistance for wave B is at $0.6959 and $0.70.
Catizen (CATI) peaked at $0.8284 on Nov. 18, completing a five-wave Elliott structure before entering a corrective ABC phase.
The price is retracing toward key support levels. A successful correction could pave the way for another impulsive wave higher.
CATI Price Analysis
The hourly chart of CATI’s price shows a completed five-wave Elliott structure peaking at $0.8284 on Nov. 18, followed by a sharp corrective 30% move.
After the wave five high, the price began retracing, finding initial support near the 0.382 Fibonacci level at $0.59 with further downside potential toward deeper retracement levels.
This correction comes after a prolonged downtrend marked by a WXY corrective pattern, which concluded at the $0.26 level on Nov. 4, setting the stage for the recent bullish rally.
The subsequent rally broke out of the descending wedge, confirming a shift in momentum. The current retracement indicates that CATI may enter a corrective ABC phase, with the next key support levels at 0.5 Fibonacci at $0.5476 or 0.618 Fibonacci at $0.4814.
These levels will be critical to watch as they could serve as a launchpad for another impulsive wave if the bullish momentum persists.
Key Observations
- Wave Structure: A completed five-wave structure signals the start of a corrective phase.
- Fibonacci Levels: Key retracement levels to watch are $0.5476 (0.5 Fib) and $0.4814 (0.618 Fib).
- Momentum Shift: The breakout from the WXY pattern suggests a potential trend reversal contingent on holding support levels.
If the price holds above the 0.5 Fibonacci level, CATI could resume its upward trajectory, targeting a higher high. However, a deeper retracement below $0.4814 may signal the need for further consolidation before any significant recovery.
CATI Price Prediction
Zooming into the 15-minute chart, we can see that a sharp downturn followed after CATI completed a five-wave impulsive structure, peaking at $0.8284. The price began a corrective ABC phase, with wave A currently retracing toward the 0.5 Fibonacci level at $0.54.
This suggests that the market is cooling off after the rally, with wave B potentially forming a relief bounce before wave C resumes the correction to deeper levels.
The next key supports lie at $0.5476 (0.5 Fibonacci) and $0.4814 (0.618 Fibonacci), which could serve as critical levels for wave C to find a bottom.
The trajectory of wave B will provide insight into the strength of the upcoming correction, with $0.61 (0.382 Fib) and $0.70 (0.236 Fib) acting as immediate resistance levels.
If wave B fails to reclaim these resistances, the correction could extend further, targeting lower Fibonacci levels like $0.4081 or even $0.3871.
Key Levels to Watch
- Immediate Support: $0.55 (0.5 Fibonacci level of wave A).
- Deeper Supports: $0.48 (0.618 Fibonacci)
- Upside Resistance: $0.6959 (0.236 Fib) for wave B bounce.
- Wave C Targets: $0.48 (1 Fib extension) and $0.40 (1.272Fib extension).
These levels will determine whether CATI completes the corrective phase and resumes its bullish trend or continues to retrace further.
If the correction is completed successfully, CATI could stabilize near key support levels before resuming an upward trend. However, failure to hold above $0.4814 may result in a deeper retracement, delaying the next impulsive phase.
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