Celsius Network Coin Has Shown a Massive Rise, Will It Surge More?

• The Celsius Network Coin price has crossed the crucial resistance level of $0.19.
• The CEL price has surged by over 98% in the last 3 days.
• It has formed a symmetrical triangle pattern on the daily chart.

The Celsius Network showed a massive upward rally in the last three days. It has surged by over 98% and is currently trading with a rise of 23.83%. It is outperforming the crypto market and looks like, some actual buying is happening in the coin. It has been forming a heavy bullish candle on the daily chart, which confirms the above statement.

The Celsius Network coin price has been in a strong downtrend since its listing. It is trading at 96% below the all-time high level. However, the coin price is trying to break the bearish structure of the coin for the second time this year. In June 2023, it surged by over 256% intraday but closed the day with a rise of just 44.70%.

The Celsius Network coin has been rising for the third consecutive session and is sustaining at a higher level, which is a positive sign. One more thing to observe in this upward rally is the coin is forming a bigger bullish candle than the previous one. It means the buyers are aggressive, along with the sellers who are squaring off their position.

Synopsis of the Celsius Network Coin Chart

The CEL coin price has been trading in a symmetrical triangle pattern and is very close to the trendline resistance of the pattern. It has recently broken the crucial resistance level of $0.19 and is challenging the sellers present near the trendline. The current momentum of the coin indicates that it will be difficult for the sellers to stop this buying, but there is still a chance of reversal.

$0.4001 will act as a resistance to the price along with the $0.4737 level which is marked in red on the chart above. Considering the support level of the stock, it is present at $0.1908 and $0.082 levels. These are marked as support 1 and support 2 respectively.

Are the Exponential Moving Average and Relative Strength Index telling the same story?

The CEL coin price has regained the control of 50-day and 200-day Exponential Moving average in a style. It closed above the 200-day Exponential Moving average in the previous trading session. The token price is showing a follow-up buying in the current session.

The Relative strength index indicates that the coin price is now overbought and the price should correct for some time before the next leg of the rally.

Conclusion

The CEL Coin price is looking super strong, as the price is trading comfortably above the 200-day Exponential Moving average. However, it is close to the trendline and the RSI is showing an overbought condition on the stock. It shows that the price can take a halt at the current level. 

Technical Level

Resistance – $0.4001 and $0.4737

Support – $0.1908 and $0.082

Disclaimer

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