There have been significant upward movements in the prices of Radworks (RAD) and Cartesi (CTSI), driven by key technical indicators and market dynamics. Radworks has spiked by more than 40% in the last 24 hours while Cartesi is up by more than 20% within the same time period.
The price chart for Radworks shows a robust bounce from a critical support area known as the Point of Control (PoC) as noted by CryptoBull_360 on X. This PoC is characterized by high trading volume, indicating a concentration of activity that typically provides strong support.
The price had previously consolidated around this zone, forming a solid foundation for potential upward movement.
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Breakout from Descending Pattern
A symmetrical triangle pattern is evident in the chart posted by the analyst, marked by converging trendlines. The recent breakout from this pattern signals a bullish trend continuation. Such breakouts often indicate that the price will continue in the direction of the previous trend, which, in this case, is upward.
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Additionally, there has been a noticeable increase in trading volume, aligning with the breakout. This rise in volume reinforces the notion that the upward movement is backed by strong momentum and buying pressure, making the breakout more credible.
The chart also projects a potential price rally of up to 120%, based on a highlighted target area that coincides with previous resistance levels. If the bullish momentum persists, RAD could reach these levels.
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Show more +The fact that the price has consolidated above the breakout trendline adds to the likelihood of further gains, as maintaining stability above this line is crucial for sustaining upward momentum.
Cartesi (CTSI) Breaks Above Key Descending Trendline
Cartesi has also seen impressive price action, with a surge of over 20% in the last 24 hours. A significant factor contributing to this price increase is the breakout from a descending channel that occurred several days ago. Following this breakout, the price experienced a retracement to reset the broken trendline resistance as new support.
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After stabilizing, Cartesi saw an 8% price spike, which has continued into the current trading day. The price recently approached the resistance level at $0.173, where it faced rejection from bearish market forces.
Currently, it is testing the top of the previous consolidation range at around $0.149. A successful close above this level could propel the price back to the $0.173 resistance, potentially leading to new highs.
Conversely, CTSI price closes below $0.148, it would signal bearish conditions. In such a scenario, the established support at the descending trendline would become crucial for any short-term rally to continue.
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