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Celsius Price Holds Higher: Can CEL Continue To Rise In March?

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The Celsius price attracted buyers in the early sessions on Tuesday and stuck to its modest intraday gains near the $0.30 level. The price is hovering near the weekly highs and is trading higher for the 4th consecutive week. 

The bulls have been dominating for the last three consecutive weeks and are willing to hold the winning streak in the 4th straight week. Price action shows that the CEL crypto price is up nearly 22.48% in the last week and has added over 50% to its value in the last one month. 

At the time of writing, the Celsius crypto was trading close to $0.291, recording a swift intraday gain of nearly 1%. The $0.30 level has been acting as a supply zone and acted as a hurdle for the bulls in the last few months. However, the $0.3 level has been tested multiple times making it a weak support.

Now, any breakout on the higher side may validate a long term trend shift towards the positive side and the CEL crypto may continue to draw an upward trajectory thereafter. The short term traders and investors may expect to reach $0.40 and $0.50 soon.

Celsius Crypto Volume Analysis

Moreover, the Celsius crypto noted a substantial rise in the volume inflow in the last few weeks along with the price rise. The volume received intraday was $1.646 Million which was 34.80% less than the previous day indicating buyers’ falling interest.

Also, the above chart shows that the volatility has not increased much in recent sessions with the increase in the crypto price. The low volatility at the higher levels highlights the stability of Celsius crypto at the higher levels. 

The live market capitalization of CEL crypto was $69.45 Million and it ranks 581st in the overall crypto market. The current circulating supply is 238.8 Million CEL tokens whereas the total supply is 695.6 Million tokens.

Celsius Crypto: Positive Sentiments Are Rising!

Moreover, the sentiment chart displays the current bias of the traders and investors whether it is on the positive side, negative side or volatile. The CEL crypto sentiments data showcases a decline in the negative sentiments and a rise in the positive one. 

It indicates the rising interest of the buyers and the continuation of the trend on the higher side. The weighted sentiment of Celsius crypto lies on the positive side.

Celsius Crypto Social Sentiment Analysis

The Celsius crypto social dominance chart displays the popularity and rising awareness among the social media users. The Celsius crypto social popularity was low and constant till December 2023.

However, the CEL crypto gained popularity in January and February 2024. It has also led to a positive impact on the crypto price. The CEL crypto rose nearly 50% in the past month.

Celsius Crypto Forecast 2024

Celsius
Source: CEL/USD Chart by TradingView

The short-term outlook is positive which may push CEL crypto price to higher levels. The recent supply of $0.30 level is at a multi-month high and it may act as a strong hurdle for the buyers.

Hence, the bulls need to establish their presence near the $0.3 level and then register a breakout. The price needs to consolidate near the recent supply to register a breakout. Any breakout on the higher side may trigger a short covering among the sellers and the CEL cryptocurrency may experience a short-term bull run. 

Conclusion

The Celsius crypto price is hovering near the weekly highs and is trading higher for the 4th consecutive week. The bulls are in domination and are pushing the price higher to the higher supply levels. The overall positive sentiment in the crypto market is also supporting the price at higher levels. 

Currently, the CEL crypto has reached a multi-month high which may act as a strong supply. However, the recent supply of $0.3 level has been tested multiple times making it a weak supply. Any breakout on the higher side may unlock price potential till the $0.4 and $0.5 levels. The buying volume inflow is increasing steadily. Also, the volatility is low and social dominance is increasing which is a positive factor for the crypto. 

Technical levels:

  • Support Levels: $0.235 and $0.172
  • Resistance Levels: $0.304 and $0.400

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

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