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- The Celsius token appears to be bullish for the past 5-days, and now the token’s price is retesting the key $3.0 resistance mark.
- The major moving averages such as 50,100 and 200 MAs are above the currency price despite 20-MA below the price.
- CEL/BTC pair price is in the green zone by 4.07% at 0.00007057 satoshis.
The Celsius token managed to sustain above the crucial $2 resistance on 28-January, the price had been following a downtrend after a pullback from the $4.7 mark. At the time of writing the CET token seems to be bullish by 6.6% at $3.01. During the sharp selling, token followed the falling channel (white), reflecting the solid weakness in the currency. But after forming the lowest level ever, bears seem exhausted. Moreover, The immediate resistance of the CEL token is at $3.41 and the support site at $2.0 mark.
The token follows the bullish trend after rebounding from the lowest level ever ($2.0-level) and shows a sharp recovery from there and has gained around 50% so far. Over the past 24-hours trading session, Celsius token gained 116% trading volume and still volume bars are below the 20-MA (blue). And the volume to market capitalization ratio is 0.0065. Moreover, the bulls succeed in sustaining the CRL token price above 20-MA; on the other hand, remaining major MAs (50 and 200 MAs) above the current price. However, the Celsius token price with bitcoin pair is favoring the bulls by 4.15% at 0.00007062 Satoshis as well as the CEl/ETH pair price is trading at 0.0009791 ETH.
Above the crucial $3.0 resistance, bulls could be more aggressive
The celsius token’s price action follows the bullish trendline in terms of the daily price chart. However, the token’s price is observing near the upper border of Bollinger bands indicator, at this level, bears may attempt to dump the price. However, the RSI is moving towards overbought territory after rebounding from an oversold stage. The MACD indicator generated the bullish crossover on 30-January, then to till now moving higher and may reach neutral mark-0 in this week. Furthermore, the average directional index is reflecting the weak bullish momentum of the Celcius token.
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Conclusion
If bulls succeed in closing the daily price candle above the key $3.0 short-term resistance, then bulls have an opportunity to gain a decent return on investment. On the other hand, if bulls fail to sustain above the $2.0 support, then more bloodbath may occur.
Resistance level- $3.0 and $4.5
Support level- $2.0
Disclaimer
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
