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- 1 The CEL price showed a panic selloff and slipped below the key EMA levels.
- 2 Sellers are showing their muscles and aggressively pushing the CEL token price.
The Celsius token price revealed bearish waves and retested the crucial support zone of $0.2000 in the previous trading session. Additionally, the CEL token price witnessed a sharp selloff of over 9% in the intraday session, and long unwinding activity was noted. The price action witnessed a bearish crossover, and the sellers showed dominance.
At press time, the Celsius token (CEL) price was trading at $0.1966 with an intraday drop of 9.67%, reflecting selling pressure on the charts. It has a monthly return ratio of -8.90% and -45.90% on a yearly basis. The pair of CEL/BTC is at 0.000000312 BTC, and the market cap is $135.96 Million. Analysts are neutral and suggest the CEL token may face further selloff and will underperform in the coming sessions.
Celsius Price is at Make or Break Region; Can Bulls Win Over Bears?
The price chart shows that the token has revealed a bearish marubozu candlestick and slipped below the significant moving averages. However, the trading volume remained average, signifying the selloff this week. The token is hovering close to its make-or-break region of $0.2000, which, if sustained, a bounce can be seen shortly. If it breaks, the token will slip to $0.1600 soon.
Price Volatility and Sentiment Analysis
The above data shows that the volatility curve has taken an elevation and has risen over 220% to 0.990, witnessing massive trading activity this week. Moreover, the token indicates sharp selling pressure and reveals high profit booking. However, the total weighted sentiment stayed in the positive zone and remained close to 0.424, implying a positive outlook.
Social Dominance and Social Volume Outlook
The data indicates an over 110% to 0.27% surge in the social dominance curve this week. Additionally, the increase in investor interest on the media platforms may lead to a positive development for the token in the upcoming sessions. The social volume remained average and is noted at 17.
What Does Open Interest and Active Addresses Indicate?
The derivative data indicates the long unwinding data, and the open interest plunged over 20% this week. However, the active addresses remained steady and are noted at 123. The technicals suggest a possible retracement move to the demand zone of $0.1700 in the coming sessions.
The Relative Strength Index (RSI) curve stayed in the oversold region and signifies a negative divergence on the charts. Furthermore, the MACD indicator shows a bearish crossover and suggests an underperforming outlook. The Total supply of the CEL token is 692.75 million, and the volume-to-market cap ratio is 0.0106.
Summary
The CEL price has given a downmove and slipped below the critical support region of $0.2000, signifying bearishness. Moreover, the token is trading in the bearish region and witnessed the follow-on selling momentum.
Technical Levels
Support Levels: $0.1800 and $0.1600
Resistance Levels: $0.2060 and $0.2200
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
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.
