- The CEL token shows a strong bullish divergence in the daily RSI chart
- The CEL/BTC pair was trading at 0.00007958 BTC with a gain of 7.18%
- The 24-hours trading volume is CEL tokens $8 Million
The CEL token technical chart shows the formation of a falling wedge pattern in the daily time frame chart. The price moved in a steady downtrend within this pattern; however, they are known for a strong bullish move when the price breached the overhead resistance trendline.
Concerning the EMAs, the CEL token price is trading lower than the critical EMAs 50, 100, and 200, indicating a bearish trend alignment. Moreover, the price is obtaining dynamic resistance from the 50 EMA line.
The RSI value for the CEL token is 43, indicating bearish momentum in the price. However, the RSI line shows a clear bullish divergence concerning the token’s price action, suggesting the bulls are gaining their strength.
CEL Token Chart In The 4-hour Time Frame Chart
The CEL token could be one of the crypto coins that not only sustained the sudden selling pressure in the crypto market on December 4th, but also ended up as a green candle at the end of the day. The token has retested a significant support level of $3.5, and after receiving enough demand pressure from the level, it was able to rebound.
The traditional pivot suggests the nearest resistance level the crypto trader can expect is $4, followed by $4.4. And on the opposite side, the support levels are $3.5 and 3.2. The MACD indicator shows a bearish sentiment in the price as both the MACD line and signal lines move below the neutral zone(0.00).
Conclusion: From a technical perspective, the overall trend of this token is bearish. However, the price action calls for a great long opportunity with its falling wedge pattern if the token manages to provide a decisive breakdown from the overhead resistance trendline.
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.