Celsius (CEL) Price Analysis: Bulls are Preparing for a Glory

• The CEL coin price is trading at $0.2280 while observing an increase of 17.47% during the weekly trading session.
• Technical indicators suggested a strong buy signal in the current CEL price.

Launched in June 2018, Celsius (CEL) is an all-in-one banking and financial services platform for crypto investors. The platform offers rewards for cryptocurrency deposits. It also provides services, such as loans and wallet-style payments. Celsius uses a modified proof-of-stake (PoS) algorithm for its token. Celsius offers financial services on the terms that traditional financial institutions no longer offer.

CEL Coin Keeps Consistent Returns for Six Months

The CEL coin price started a bullish, impulsive move from the $0.0958 support level. It surged over almost 300% to the $0.3861 resistance level. The pump in price has a positive impact on the crypto buyers. Many of them took positions on $0.1170.

After a month, in August 2023, the $0.1170 demand had a positive reaction from the buyers. The reaction resulted in the breakout of the $0.1841 immediate resistance level. The CEL coin price increased over 85% from the $0.1841 level.

However, the price failed to break above the $0.1841 level, which resulted in a fall of 40% to the $0.1658 decisional demand level. The CEL coin spent one month in consolidation above this decisional demand level.

This month, the price started a bullish rally that has the potential to reach the $0.2636 level. Celsius market capitalization stands at $54.7 Million, ranked 566th among all the 8889 active cryptocurrencies.

Technical Analysis of the CEL Coin Price

Earlier, the 50-day and the 200-day EMAs had a bearish crossover at the $0.2389 level. However, the current market price has shown enormous strength above both the EMAs, reflecting a bullish shift at the current trading phase.

The CEL coin price has formed bullish candles from the $0.1841 decisional demand level. The price advanced over 25% during this rally. It positively impacted the crypto traders, resulting in an upsurge from the $0.1841 level.

At press time, the CEL coin price is trading at the $0.2290 level. It has experienced an increase of 6.88% during the intraday trading session. Moving toward the $0.2811 resistance level, the price can reach $0.3423 as per the technicals.

The relative strength index (RSI) has shown a bullish divergence in the current trading phase. It indicates the price is moving in an intense buying session, reflecting bullish dominance. The RSI is sloping at 69.59 near the overbought area.

Summary

The CEL coin price is currently moving in an uptrend. It broke above the EMAs, and RSI is moving toward the 70-mark upper band. Overall, the technical summary suggested a strong buy signal. As per the price action, the CEL coin price is moving toward the $0.2811 resistance level. The current buying strength can become responsible for the breakout of $0.2811 resistance.

Technical Levels

• Resistance Levels: $0.2811 and $0.3423
• Support Levels: $0.1658 and $0.0958

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 stocks and crypto comes with a risk of financial loss.