In the new technical analysis of CEL, we will find out about the expected trends that may set in to influence the price run. Celsius is a blockchain network that provides valuable services like zero transaction costs, instant trades, and fair interest rates. The prime aim of this network is to provide financial freedom to crypto investors. CEL token is the utility token of this ecosystem that enables users to get higher rates of return on crypto investments and lower interest rates on loans.
On April 13, 2021, CEL started trading at $7.07. As of April 19, 2021, the closing price of CEL is $4.11. Thus, in the past week, the CEL price has declined by approximately 42%. In the last 24 hours, CEL has traded between $3.85-$4.26.
Currently, CEL is trading at $3.87. The price has steadily decreased from $4.11 since morning. Thus, the market seems bearish.
The OBV indicator has fallen steeply. Thus, selling volumes are higher than buying volumes. Hence, we can expect the price to drop further.
The MACD and signal lines are negative. Thus, like the OBV indicator, the MACD indicator is also confirming a bearish market momentum. However, a bullish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are very close to the zero line and may turn positive soon. So, a trend reversal may be on the horizon.
Presently, the RSI indicator is at 47%. It faced rejection at 33% and rose to the current level. Thus, buying pressures are slowly building. Hence, we can expect the price to rise after some time.
As per technical analysis, in a nutshell, the overall market momentum is currently bearish. But, we can expect a trend reversal in some time. Thereafter, the price may start rising.
The price has fallen below the first Fibonacci pivot support level of $3.92. It may fall below the second support level of $3.82 soon. Thus, as of now, the bears look strong.
The price has tested and fallen below the 23.6% FIB retracement level of $3.95. If it falls below the 23.6% FIB extension level of $3.75 in some time, then the bearish trend is strong and expected to continue tomorrow as well.