CEL Technical Analysis: Price Has Successfully Broken Its Recent High $5.16, Watch for the Level of $5.58

Ankita  |  Sep 14, 2021

In a statement, Celsius announced that it is not affiliated with Bilaxy exchange and has not listed the CEL token there. For cryptocurrency users, Celsius is an all-in-one banking and financial services platform.

Founded in June 2018, it offers rewards for cryptocurrency deposits, as well as services such as loans and wallet-style payments. The platform's users receive regular payouts and interest on their investments. CEL, Celsius' native token, performs a variety of internal functions, including boosting payouts when used as a payment method. Let us look at the technical analysis of CEL.

Past Performance

The current price of CEL is $5.32, which is down by 1.82% in the last 24 hours. On the 6th of September, the CEL opened at $6.32, and it closed at $5.33 on the 13th of September, there is a negative change in the price.

TradingView Chart

CEL Technical Analysis

On the daily chart, the OBV is taking a dip, suggesting a decrease in the volume of CEL.

The RSI is on the 34.37% mark. It faced rejection twice on the chart, first at point 41.14% and second at 34.65%, thus indicating that the selling pressures are exponentially high. The RSI is forming a bearish divergence and therefore, we can expect the price to fall for the rest of the day.

MACD and EMA lines are below the zero range, suggesting a sell. Moreover, we can witness a bearish crossover on the daily chart. We can expect the price to further decline. However, we can not rule out the possibility of a trend reversal.

Day-Ahead and Tomorrow

The CEL price has successfully broken its recent high of $5.16. If the bulls take over the market, we will have to closely watch the level of $5.58 as an immediate resistance level. However, if the price breaks out from this level, it can test the next resistance level of $6.33. Thus, traders can take a long position between these levels.

The support level has been formed at $5.04, if the price starts to break down, we might expect the price to find support at this level. It will highlight the next support level at $4.46. Traders can take a short position by keeping a stop loss at $5.40.

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