- The Celsius coin fell again after recording a weekly high at the $2.86 mark.
- As the price declined, the CEL fell below the 200-day moving average in terms of the daily price scale.
- On the weekly chart, the CEL token is trading bullish above the 20-DMA for the past 3 weeks.
The Celsius token was seen in a retracement phase after recording a weekly high at the $2.86 mark. Altcoin price shows a roller-coaster ride for investors for several days. From a long term perspective, the Celsius market looks extremely volatile due to sudden pumping and dumping.
Due to the highly volatile market, traders set their trading range for resistance between the $1 to $4.5 support. Buyers are likely to face trouble near the key $4.5 resistance level in the coming few weeks. Meanwhile, as of press time, the CEL token is trading at the $1.62 mark against the USDT pair.
Despite the recent price correction, the CEL token seems as it forms higher-lows formation over the daily time frame. As a result, buyers found the pumping zone at the bullish trendline (above the chart), is far below the current price. Buyers likely see the retest of this support line soon.
Market cap is up 4.1% in the last 24-hours at $387.3 Million as per CMC. and CEL price is trading above the 20-DMA so far this week. But Due to price fall, CEL declined below the 200-day moving average in terms of the daily price scale. But still, Over the weekly chart, CEL token is bullish for the past 3 weeks above 20-DMA.
Stoch RSI Started Decreasing
The Stoch RSI indicator started a downside move from its higher zone, which suggests a price correction from the current levels. Besides, the MACD is about to move above the neutral zone after a bullish crossover on the daily price scale.
Conclusion
Celsius token is trading bullish in intraday trading session. Although the CEL price action suggests a bullish bias, the Stoch RSI has started to move lower, with a higher price correction likely from the current levels.
Resistance level- $4.0 and $5.0
Support level- $1.0 and $0.5
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.