- The CEL token price reflected over 14% growth during the weekly trading session.
- Technical indicators summary suggests a positive signal in the current phase.
- The trading volume is at $3.06 million, declining 6.40% in the last 24 hours.
Launched in June 2018, Celsius (CEL) offers banking and financial services to cryptocurrency users. The platform rewards users for depositing cryptocurrency and services like wallet-style payments and loans. Celsius provides 80% returns to users and takes a cut of profit margins on interest payments as a for-profit company. The network uses a modified proof-of-stake (PoS) consensus mechanism.
Celsius Performed Under Average Compare to Other Cryptocurrencies
The cryptocurrency started getting noticeable positive bullish reactions from the $0.1170 support in September 2023. Celsius price recorded potential growth for the three consecutive months with over 100% returns. However, the price faced some negative drawbacks afterward, reflecting almost a 31% decline in December and January 2024.
Conversely, the CEL token price witnessed a tremendous increase in buying in February 2024. At that time, crypto cruisers entered the field and surged token prices over another 100%. Moreover, the price is facing some profit bookings in the current month.
Celsius’s total diluted market valuation is estimated at around $183.59 million, with a maximum supply of tokens of 695 million. It has released nearly 34.34% of tokens in circulation from the maximum supply. The current market capitalization of the cryptocurrency stands at $63.03 million, ranking 591st as per the CoinMarketCap.
Price to Volume and Social Dominance Analysis
The social buzz of Celsius gained public attention in February 2023, due to which the cryptocurrency volume and price witnessed a positive rise. CEL social dominance covered 1.5% in early February, but the buzz has slowly declined to 0.131% in recent sessions. Alternatively, the volume and price are showing positive momentum in the current sessions.
Technical Analysis of the Celsius (CEL) Price
The CEL token price is moving above the key exponential moving averages, reflecting a bullish outlook in the current session. The 50-day and 200-day EMAs had a golden crossover at $0.2257, which can lead to a strong bullish trend.
Celsius crypto price gained strong bullish reactions from the crypto traders on February 23, 2024. The price recorded an over 70% bullish rally to the $0.3228 immediate resistance. That reflected a positive change in the market sentiments, which resulted in another bullish rally from the $0.1841 bullish POI.
CEL price surged over 120% to the $0.4208 resistance and is facing heavy selling in the current sessions. The price can give a breakout from the $0.4208 resistance if it gives a sharp closing above $0.3228.
Furthermore, the relative strength index (RSI) reflects a neutral perspective in the current trading phase. The RSI line is moving nearly similar to the spot price chart. At present, the RSI is at 50.83 in the middle band.
Summary
Celsius cryptocurrency has been reflecting positive bullish strength since October 2023. However, the six-month returns of the CEL token price are not very appealing compared to the other cryptocurrencies. Nonetheless, the crypto price has shown some strong bullish rallies in recent sessions, which can be a positive indication of future upsurge. The current price is facing heavy selling in the current sessions. The price can give a breakout from the $0.4208 resistance if it gives a sharp closing above $0.3228.
Technical Levels
- Resistance Levels: $0.3423 and $0.4208
- Support Levels: $0.2636 and $0.1841
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 any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.