Quick Hit Summary
- The Celsius token hit a 30-day low on a downside.
- The bears pushed CEL prices below the key DMAs of 20, 50 and 200.
- Buyers are praying for recovery as CEL is down 49 per cent this week.
As you may already know, despite the embattled crypto lending firm’s drudging embattled bankruptcy proceedings, Celsius Network, it’s CEO Alex Mashinsky, revamped Leadership Board, established Legal Team, and armies of hope-filled fans/followers/clients continue to ride the blips of strength and moderate glimpses of hope-ium.
After reaching an August high, short sellers regained control of the Celsius token. In recent weeks, the CEL token has seen an unprecedented increase. The altcoin price rose even more after breaking the $1.5 resistance level, which was also breached by the bears this week.
Buyers have failed to sustain CEL prices in any higher zone over the last 15 days, and the coin has been forming a strong bearish candle since last week. Meanwhile, buyers are hoping for a recovery after CEL fell 49% this week.
The weekly price graph displays strong selling pressure, where the sell-off wiped out all monthly gains in a matter of 15 days. At press time, the Celsius token is trading at the $1.15 mark against USDT, with bears still looking aggressive for a downtrend. Moreover, the price of the CEL token pairing with the bitcoin pair is down 15.5% at 0.00005419 satoshis.
There is no sign of recovery as per price action, but buyers have an opportunity to hold the crypto above the conceptual level of $1.0-key support level for this week. Sellers below the $1.0 support level could see the crypto lose 50%.
Meanwhile, the market cap has fallen 15.7% to USD 278 million in the last 24-hour period. Although trading volume looks neutral at $22 million as of the last 24 hours, any volatility could create an opportunity for a greater downtrend.
CEL Reaches at Key $1.0-Support
In the daily time frame, bears pushed CEL prices below key DMAs such as 20, 50 and 200. The 100-day moving average remains as the last hope for buyers. Moreover, the RSI indicator turned bearish with the move below the semi-line.
The Celsius token is looking extremely weak as compared to other altcoins. The price action is not showing any positive signs with the RSI indicator moving below the semi-line. Now the 100-day moving average raises buyers’ hopes if they manage to manage this support level.
-Resistance level- $4.0 and $5.0
-Support level- $1.0 and $0.5
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. #DYOR
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