CEL Technical Analysis: At a Crucial Stage, Buying Pressure May Lead to a Price Test at $6.75

Ankita  |  Sep 21, 2021

The Celsius platform provides all-in-one banking and financial services for cryptocurrency users. It was launched in June 2018 to offer loan services and wallet-style payments in addition to rewards for cryptocurrency deposits. Let us look at the technical analysis of CEL.

Past Performance

The current price of CEL is $5.07, which is down by 3.30% in the last 24 hours resulting in an equivalent increase in the market cap by 1.36%. In the last 24 hours, CEL traded between $4.99-$5.29.

TradingView Chart

CEL Technical Analysis

The price of CEL is at its February month's resistance level. After accumulating for more than six months, a breakout from this range will form a rally for CEL. However, we have to see if the indicators are saying the same things or not.

Also, a total of $12.8M was paid as a reward, and more than $3.2M was spent in bitcoins this week. So, it was certain to make some correction after paying rewards.

Currently, the RSI is at 67.20%, rose after taking support at 59.63%, suggesting an increase in selling pressures. In the month of August, the RSI made lower highs, however, the trend has changed. The buying pressures are overtaking the selling pressures in the market.

MACD and EMA lines are above the zero range, suggesting a buy. However, there is a bullish crossover on the chart. The MACD has overtaken the EMA, suggesting buying pressures are high on this horizon.

On the daily chart, the OBV broke its downtrend and is moving upward, suggesting appreciation in the volume.

Day-Ahead and Tomorrow

The price is at a crucial stage, a slight push in the buying pressure might lead to a price test immediately at $6.75. Thus, the market is crucial for CEL. If the price faces rejection, it might break down. Moreover, if the price falls on the chart, it will try to take support at $5.67. A breakdown from this will highlight the support level at $4.97. Then, traders can take a short position accordingly.

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