Clintex experienced a massive price increase a few hours before the time of writing. The token continues its uptrend during the current intraday session with gains of more than 10%.
It started trading at $0.042 but enjoyed significant increases afterward. As a result, it broke a vital resistance; the $0.052. Following the flip, it continued upwards.
As a result, it broke $0.060 and went as high as $0.072. However, it is experiencing massive retracements at this time. It hit a brick wall after the peak and failed to surge.
As a result, it lost most of the barriers it broke. One such was the $0.052 resistance. It is currently trading at $0.049 which denotes the ongoing struggle for dominance between the bears and bulls.
Additionally, the asset lost more than 40% during the decline. Nonetheless, on-chain data shows more that it is seeing more buys despite the price drop. Dexscreener shows that CTI saw more than 300 purchases as opposed to 238 sell-offs.
This is also a clear indication of the asset seeing the bulk of selloff from large bag holders.
What caused the Surge?
It remains unclear. However, the project announced on it’s X account that it entered a partnership with Desci. While this announcement isn’t fresh as it’s from January 19, there are no other recent developments that could equate to the increases the token is seeing.
Nonetheless, amidst the surges, indicators are blaring warnings. One such is the Accumulation and Distribution chart. Traditionally, the metric follows current price trajectory. However, in the event it fails to do so, it is a clear indication of an impending change to price movement.
In this case, the A/D channel is currently on a downtrend despite the massive surge the asset is enjoying. This means the hike is temporary and shortlived. As such, CTI is sure to see more price declines in the coming days. Additionally, the Relative Strength Index also predicts the same outcome for the token. This comes after it surged above 70 and is at 85 at the time of writing.
CTI up by 100%
It is worth noting that amidst the bearish predictions, Clintex is garnering a lot of attention from traders. This is owing to the fact that the surge was sudden and there were no clear catalysts. Nonetheless, the project’s community is also as baffled as a scroll through its telegram page depicts many surprised.
Over the last fourteen days, the token has gained more than 144%. A closer look at the weekly chart suggests that the bulk of the surge took place during the previous week as it started its uptrend from $0.02 and is currently trading at $0.049 at the time of writing.
In the coming days, it is important to keep an eye on CTI as it is in its make-or-break phase. Bearing in kind the reading from the Relative Strength Index and Accumulation and Distribution channel, it is easy to conclude that an impending downtrend is on the horizon. To this effect, the token may drop as low as $0.04.
Nonetheless, the chance of the asset retesting its previous high of $0.072 is high. Let’s see how prices play out.
