Buyers are Dominating the CTK Crypto Trend; What’s Next?

• The trading volume of the CTK crypto has consistently declined over the last 24 hours.
• The Shentu is trading at a level of $0.5545 with a decline of 3.5% followed by the last 24 hours.

Shentu (CTK) is a blockchain platform for dApps and smart contracts. The CTK coin is its native token, used for paying fees, voting, and staking on the platform. Shentu aims to provide speed, security, and decentralization for its users.

The CTK crypto’s largest part is traded in the USDT pair resulting in 92.70% of the overall volume. The current market cap dominance of the crypto is 0.005% and the volume/market cap ratio of the crypto is 0.0735.

The trading volume of the CTK crypto has declined by 63% in just the last 24 hours. It is followed by a flat change in the market cap resulting in a decline of 0.58%. Also, the volume/market cap ratio of the crypto is 6.13% followed by a total supply of 127.728M CTK. 

The fully diluted market cap of the Shentu is $72.22M and has hit an all-time high price of $3.97. The current crypto price has declined by 86.06% from its all-time high price.

CTK Crypto Derivatives Analysis

The derivative trading volume of the Shentu crypto has declined by 65.13% resulting in $12.59M. Also, the open interest of the crypto has witnessed a decline of $6.32M. When compared to the short liquidation, the coin has witnessed a huge long liquidation of $11.94K. It indicates that the sellers are dominating the crypto price.

CTK Crypto Technical Analysis

The weekly charts for the Shentu crypto price indicate a strong downtrend. It has resulted in a decline of more than 85% in its price compared to the all-time high price of crypto. The crypto price is following a bearish market structure as it is trading below a crucial change of character zone. That behavior of the price shows sellers’ dominance in the crypto price. 

CTK/USD Live Chart by TradingView

Crucial EMAs like the 50-day and the 200-day EMAs are trading in a death cross. Despite that, the CTK crypto price has broken above the following EMAs. The price of the crypto is currently taking support at the 200-day EMA. 

The RSI on the charts is also giving a buy signal by sustaining above the 50-level. It also is trading above the 14-day SMA line. This behavior of the RSI depicts that it is following a bullish cycle and might lead the price to higher levels. 

Conclusion

Shentu (CTK) is a cryptocurrency that powers a decentralized blockchain platform for various use cases. The CTK price has broken above the 50-day and 200-day EMAs, indicating a bullish trend. The RSI is also above 50, showing a strong buying momentum. Although the CTK coin is following a downtrend on the larger timeframe, it could rise further and challenge the previous highs.

Technical Levels 

• Support levels- $0.3918 and $0.5706
• Resistance levels- $1.3110 and $1.7585

Disclaimer

The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.