- The CTSI/USDT rallied 60% to reclaim previous all-time high prices.
- Cartesi’s native token found adoption in e-commerce.
- Selloff ensued following CTSI’s near-vertical run-up, but bulls could join back soon.
JAIPUR (CoinChapter.com) – Cartesi’s native token rallied more than 60% to reclaim its previous all-time high price. CTSI entered the week with an upward trajectory but experienced a boost in buying pressure in the last 24 hours. As a result, CTSI/USDT spot rates went up from $0.89 to $1.73.
The smart contract token stayed supported above $0.7 for the entirety of August. September saw the said price flip to resistance. Bulls managed to provide an upward impetus to CTSI on October 27. Since then, the Cartesi token has been posting higher lows. Also, a couple of adoption updates reignited bullish sentiment for the CTSI/USDT pair.
Related: Is Ethereum rival Cartesi (CTSI) a buy ahead of Kraken listing?
But first thing’s first.
What Is Cartesi?
Cartesi is a layer-2 blockchain designed for the development of smart contracts and decentralized applications (dApps). The platform aims to eliminate scalability inefficiencies and problems with high transaction fees on existing smart contract blockchains. Two critical infrastructural tools form the basis of Cartesi’s design – Descartes Rollups and Noether.
While Descartes Rollups are a kind of optimistic rollups (layer-2 Ethereum scaling solutions), Noether is a sidechain that provides data availability to applications. Together both these tools help native Cartesi applications scale through both on-chain and off-chain components.
Cartesi also supports smart contract programming on a Linux runtime environment. The team intends to let developers code dApps with more commonly used software stacks and run them on a Linux OS.
Why is CTSI Pumping?
E-commerce Adoption
Users can now use the smart contract platform’s native currency in e-commerce transactions.
Cryptocurrency payment gateway NOWPayments reportedly created plugins to automate CTSI payments. These plugins are compatible with PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Zen Cart, Shopify, and Shopware.
“Merchants who use these platforms can deploy their own Cartesi payment gateway with the help of NOWPayments’ plugins in a matter of five minutes. All they need to do is to sign up for NOWPayments, enter their CTSI public address, and generate an API key.”
said NOWPayments in an official announcement
NOWPayments plugins take “the burden of manually setting up the payment process off the shoulders of the merchant.” Upon deployment, the plugins will automatically process all Cartesi payments. The plugin usage also comes with the lowest fees, NOWPayments claimed.
“Merchants using NOWPayments’ plugins will have to pay as little as 0.4% off each transaction. Such a fee is significantly lower than those charged by banks and other crypto payment processors.”
Indodax Listing
Apart from e-commerce adoption, CTSI also got a listing on one of the biggest crypto exchanges in Indonesia. Deposits for the native Cartesi token began on Wednesday. Trading started on Thursday, which triggered a surge in gains for the 160th ranked cryptocurrency.
CTSI/USDT Technical Setup
CTSI prices corrected after an explosive near-vertical rally to $1.73. Traders assessed the overbought conditions of the CTSI/USDT pair to book profits. That relative strength index (RSI) indicator cooled down as well after a face-melting rally to 94.
The selloff also followed suit in tandem with the aggregated cryptocurrency market. Hence, CTSI token prices would rise again when the overall market ticks up. The latest rally showcased investment confidence in Cartesi as a project. In a scenario where “Ethereum killers” like Solana, Avalanche, Cardano, Polkadot, Fantom, etc., captured the limelight, the smart contract platform has not lost sheen.
A brief period of consolidation is expected to follow post which bulls would likely target $2.75. How that plays out remains to be seen.
