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•CEL/USD is currently priced at $1.39 and has decreased by 4.80% over the past day
•The trading volumes have decreased by 32.23% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short-Term View: Will the Celsius price continue to fall?
The Celsius price today is $1.39 USD with a 24-hour trading volume of $21,930,757 USD. Celsius Crypto is down 4.80% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.06604 for the altcoin.
Celsius Crypto has been in a downtrend for the past few weeks amid an influx of sellers in the market. This is demonstrated by the fact that the Celsius price is currently transacting below the 20,50 SMA on the four-hour chart. The failure of the bulls to achieve and sustain a strong rebound suggests that demand has dried up at higher levels. The sellers will attempt to sink and sustain the price below the support of $1.20. If that happens, then Celsius Crypto could start the next leg of the downtrend and slip to $1. On the flip side, if the price rebounds off the current level, the buyers will make another attempt to clear the resistance level placed at $1.50. A break and close above this level will be the first sign of a potential change in trend.
Long-Term View for Celsius Crypto
Celsius price has come under the weather over the past few days as the technical indicators are showing bearish divergence. The RSI is currently transacting at 40.92 and looks on course to head towards the oversold territory. The MACD indicator, on the other hand, shows that the red histograms are increasing in size on the daily chart. The bears have taken control of the market as the MACD and signal lines are heading rapidly towards the negative territory, with the gap continuing to widen between the two.
Conclusion
Celsius price has witnessed a significant bearish which has taken a toll on the altcoin. The asset is currently in a downtrend as it struggles to attract buyers at the current price levels. The immediate future looks bleak for the altcoin as is indicated by the technical indicators.
Support: $1.20-$1
Resistance: $1.50-$1.75
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 any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
