As an experienced analyst, I’ve closely watched the Celsius coin’s (CEL) price action over the past few months, and it’s been an intriguing ride. The recent surge in CEL’s price is nothing short of impressive, with a massive rally starting in May that took the token to a 20-month high of $1.66.
Analyzing the trend of Celsius Network’s native cryptocurrency, CEL, which has gained significant traction among crypto investors since May. Fueled by the market’s renewed buying interest and Bitcoin‘s surge, Celsius price reached a 20-month peak of $1.66 in recent times.
The rally began with a significant reversal and was strengthened by an increase in the number of open positions in futures contracts, leading to a robust recuperation and potential for additional advancement.
Celsius Coin Price Analysis: CEL’s Stellar Comeback Post-Bankruptcy
A examination of the day-to-day price chart reveals that Celsius Coin exhibited a significant horizontal price movement from March 2023 to April 2024. The absence of buying interest from investors may have restrained CEL’s rebound below $0.42, potentially because of the Chapter 11 bankruptcy filing made in the Southern District of New York bankruptcy court.
On January 31, 2024, Celsius Network LLC declared that it had exited bankruptcy through the completion of the necessary transactions as part of its approved restructuring plan.
As a crypto investor, I’ve noticed that the mood among investors has improved lately, and this optimism has helped the CEL token regain its footing. In May, we saw the broader market recover, which provided a solid foundation for Celsius to bounce back from its support level of $0.114. The resulting surge in sentiment catapulted the price of Celsius coin by an impressive 1,360% to reach a peak of $1.66. According to CoinMarketCap, this upward trend has also boosted the token’s market capitalization to a respectable $60.37 million.
As a crypto investor, I’ve noticed an exhilarating surge in the market during this rally. We broke through a significant resistance level at $0.42 with immense buying power from investors, indicating their eagerness to exit their 20-month long accumulation phase. This upward trend was further accentuated by a substantial increase in open interest for futures contracts. According to data from Coinglass, the open interest grew impressively from a low of $850,963K in May to an impressive $11.23 million.
A staggering 1220% surge indicates strong trading momentum and possibly increased market influence. This significant jump implies that traders are preparing for more prominent price fluctuations in the upcoming period.
The Celsius cryptocurrency experienced a significant increase of 66% within a day, hinting at an imminent bullish surge past its swing high resistance of $1.667. The substantial trading volume growth of 266% to $78.65 million in the last 24 hours reflects robust trader backing for this price rise. Should the breakout persist, the buying momentum could propel the coin’s price upward towards potential targets of $2.8 and beyond, reaching $4.6.
Technical IndicatorsÂ
- Average Directional Index: The daily ADX slope at a high of 50% indicates an overextended rally by buyers. Thus, the CEL price is poised for some occasional pullback to replenish bullish momentum.
- Exponential Moving Average: Amid a high momentum rally, the fast-moving 20-and-50-day EMA could provide dynamic support to the recovery rally.
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2024-06-05 19:54