Catizen price has been in a strong downward trend after its token generation event in September. CATI plunged to a low of $0.2610 on November 3, mirroring the performance of other popular tap-to-earn tokens like Hamster Kombat, DOGS, and Notcoin.
Is Catizen price about to rebound?
CATI token has been on a steep downward trend since its airdrop in September. This sell-off happened as investors sold off most tap-to-earn tokens after their airdrop.
The fear is that the industry will mirror the performance of other play-to-earn tokens like Decentraland, Sandbox, and Gala, which thrived in 2021 and then crashed, costing investors billions of dollars.
Other “to earn” tokens like those in the move-to-earn have also dropped sharply over time. Two of the most notable ones are Sweat Economy and StepN’s GMT.
Still, there are signs that Catizen’s developers are working to prevent this downward spiral. For one, they have pledged to continue working and launching innovative solutions to boost its ecosystem.
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They are also working to boost its ecosystem by launching more projects in its launchpool. Just this week, they unveiled Roolznft, the second project in its launchpool. Its approach is that it lets users earn RoOLZ (GODL) by staking CATI and Cats. RoOlZ is backed by popular companies like Animoca Brands, Yolo Ventures, and KuCoin Ventures.
Last week, Catizen also introduced a new giveaway that lets users win nodes worth 2000 TON, equivalent to $9,600. At the same time, the developers are actively buying back CATI, a move that will make it more valuable in the long term.
The other potential catalyst for the Catizen price is the potential crypto bull run now that Donald Trump has won the election and the Federal Reserve is cutting interest rates.
CATI price analysis
Technically, the Catizen token has formed a falling wedge pattern, a highly popular bullish reversal sign.
It has now moved above the upper side of the wedge pattern. Also, there are signs that it has formed a small inverse head and shoulders pattern.
Therefore, the coin could surge in the coming weeks as investors buy the dip. If this happens, there are chances that it will jump and retest the psychological point at $1, which is about 200% above the current level.
200% is a big jump but is a possibility as we have seen in other coins like Popcat, Dogwifhat, and NEIRO that have soared by over 1,000% this year.
