Celsius (CEL) Finally Reverses After its Bearish Month

Celsius (CEL) Finally Reverses After its Bearish Month

• CEL shows the potential to break the symmetrical triangle and surge more.
• The token trades below 200MA, and the RSI value is 50.63.
• CEL bearish prediction is $1.30174.

Due to the bankruptcy proceedings and the developments surrounding CEL’s lawsuit, the value of the Celsius [CEL] token fluctuated wildly during the previous month. To our surprise, CEL’s price has fluctuated significantly from $3 to $1.25 within the past 30 days.

CEL/USDT 1-Hour Chart (Source: TradingView)

The one-hour chart above shows that CEL is trading under the 200 MA, meaning that the market has been bearish since 28 September 2022. The relative strength index of CEL stands at 50.63. The RSI value above 50 states that the bears are losing their throne to the bulls in this crypto winter, thus driving the market up.

CEL price is currently above the EMA 20 and 9 lines. It shows that the market is showing a reversal after hitting the support zone of $1.32074 and $1.30174. CEL couldn’t break its current support at $1.30174 and currently trading at $1.34.

If CEL can break out of the current structure and rise higher, it can reach the resistance 1 level of $1.41063. On the other hand, there is another potential that CEL’s bearish price will be $1.30174, its current support.

On CoinMarketCap, CEL sits at 102 rank in terms of market capitalization. At the time of writing, there are 238,863,519.83 CEL in circulation, each worth $1.33. In the last 24 hours, $6,231,568.57 worth of CEL was traded, and there is an increase in the trading volume of 31.35%. The price has increased 0.73 percent over the past day.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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