CTK Technical Analysis: Indecisive Traders Fuel The Consolidation Rally

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CTK Technical Analysis

CTK prices continue to trend sideways within a consolidation range despite a boom in trading volume and struggle to break out on either side. Key technical points: The CTK market price consolidates for a month. The accumulation zone ranges between $0.74 and $0.91. The 24-hour trading volume of Shentu is $39.5 Million, indicating a hike of 350%. Past Performance of CTK The consolidation range between $0.74 and $0.90 contains the sideways trend in CTK prices for more than a month, with multiple fakeouts. The consolidation range cushions the previous downtrend accounting for 50% within two months resulting in the fallout of all the crucial daily EMAs. Source- Tradingview CTK Technical Analysis CTK prices form a daily Doji candle with long-range on either side with a jump in trading volume as it fails to break the consolidation range. Hence, traders must wait for a price action confirmation to take a trade on either side. The flattish 20-and-50-day EMA accentuates a short-term consolidation in price action. However, the coin price trading below the 100-and-200-day EMA indicates an overall downtrend. The daily-RSI slopes struggling to surpass the midline(50%) indicates the sellers wrestle with buyers to maintain trend control. However, a gradual rise in the fast and slow line of the MACD indicator hints at a significant possibility for market value to breach the $1 mark. However, a jump above the neutral would provide a better confirmation. As a result, the technical indicators show price consolidation and a lack of commitment from buyers to maintain a bullish rally. In a nutshell, the CTK technical analysis forecasts a sideways trend continuation. Upcoming Trend If the bullish influence grows over the consolidation range, CTK prices can break the overhead resistance at $0.90 to reach the psychological mark of $1. Resistance Levels: $0.90 and $1 Support Levels: $0.74 and $0.60

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Time Stamp: June 13, 2022