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- After a parallel channel the price gained 141% in 6 days, showing the bulls accumulation over the daily chart.
- The investors and traders should be ready to bear the consequence of the over bought over the token.
- The CEL/BTC pair is at 0.00007056 BTC with a gain of 117.36% in it.
Celsius is an all-in-one banking and financial services platform for cryptocurrency users. Celsius’ native token, CEL, performs a variety of internal functions, including boosting user payouts if used as the payment currency.
After getting trapped inside a parallel range the CEL bulls have accumulated to make a successful breakout over the daily chart. The bulls’ accumulation made the price surge 141% in 6 days. The CEL token is currently one of the top gainers amongst the whole cryptocurrency market. Analysts believe that the bears are just waiting for a perfect time to scatter this bulls’ accumulation and make a price drop again. As the coin has gained much which means the buyings are touching the skies, so everyone should be ready for the consequences of an overbought over the token.
The current price for one CEL token is at $1.54 with a gain of 128.76% in its market capitalization in the last 24 hrs. The token has a trading volume of 66 million which is at a massive gain of 402% in the 24 hrs trading session and a market cap of 359 million.
What do Technical Indicators suggest for CEL
The volume is growing continuously and gained 402% in just 24 hrs but still it is below the volume average.
The MACD indicator indicates a bullish movement over the daily chart as the MACD line is moving above the MACD signal line with the gap continuously getting broader. This time the signal looks strong as the histograms are rising green uninterruptedly.
While we talk about the relative strength we can observe that the indicator is showing an overbought region which always leads to a price drop. So the investors must take that into count.
The RSI value for CEL is currently moving above 70.
In support of RSI the bollinger band also indicates a bearish movement can hit the price as it made a cross over the upper band.
Conclusion
After getting trapped inside a parallel range the CEL bulls have accumulated to make a successful breakout over the daily chart. Analysts believe that the bears are just waiting for a perfect time to scatter this bulls’ accumulation and make a price drop again. The technical indicators superficially suggest a bearish rally can hit the market soon.
Technical levels
Resistance levels: $1.6 and $1.7
Support levels: $1.10 and $1
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.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
