CELR Token price faces strong resistance, but the increases in underlying bullishness projects a bullish breakout upon morning star pattern completion.
Celer Network is a layer-2 platform for scaling that provides fast, secure, and affordable blockchain applications on Ethereum and Polkadot. It also facilitates the mass adoption of other blockchains. Celer Network offers secure, fast, and simple off-chain payments for both smart contracts and payments.
Let us now look at the technical analysis of Celer Network cryptocurrency.
The bull run of more than 100% stated on 22nd September met resistance near the $0.18 mark. Thus, resulting in a fall back to the $0.12 level. However, the bullish demand on 8th October led to a 30% price jump.
Nonetheless, the price failed to rise above the strong resistance of $0.18. Thus, leading to downfall to $0.14. Hence, the price action indicates a consolidation range between $0.12 and $0.18 levels.
Furthermore, the underlying bullishness rises, evident by the morning star pattern in formation at press time.
Source - Tradingview
CELR cryptocurrency is currently at $0.1515 as of writing. Additionally, the cryptocurrency has risen by 7.14% in the last 24 hours. Thus, indicating a tremendous buying pressure supported with a 10% rise in the intraday trading volume.
As per pivot points, the CELR Coin price might find support at $0.12 or $0.10. However, upon successful reversal, resistance close to $0.18 and $0.21 might push it down.
MACD and signal lines are moving lower to the zero line in the daily chart. The fast line is beneath the slow line indicating due to the consolidation. Hence, it gives a weak sell signal. However, the bullish breakout of the range will turn the signal bullish.
The RSI indicator recently gave a bearish divergence between the two peaks at $0.18. Thus, resulting in the latest pullback. However, the slope finds support at 55%, pushing it back to the 57.5% with the morning star pattern formation.
As per the Celer Network’s technical analysis, the situation is overall positive for CELR crypto. The price action indicates a morning star pattern within the consolidation range. This can lead to a bullish breakout. However, safe traders can wait till the breakout to hold long positions.