Celsius (CEL) token price slipped below the neutral zone, reflecting the selling pressure in recent sessions. Moreover, the token price has formed multiple rejection wicks at the top of $0.3000, revealing a selloff in the last sessions. However, the token managed to halt the gains and was in a narrow congestion zone between the price band of $0.1700 – $0.2000, which displays a dilemma among the investors.
CEL price has slipped below the significant moving averages as it retraced in recent sessions. Moreover, the price action signifies the rejection during the pullbacks, which reveals a strong sellers’ grip near the 50-Day EMA mark, as the buyers were not left with enough strength to leave the range.
This cryptocurrency’s price was $0.1858 at press time, with an intraday gain of 1.57%, showing pressure from the top. Moreover, the trading volume increased by 3.28% to $1.46 Million, highlighting low investor interest. The pair of CEL/BTC was noted at 0.00000434 BTC, while the market cap is $127.67 Million. Analysts are neutral and suggest that the token will retest its demand zone of $0.1300 in the following sessions.
CEL on Daily Chart Displays Range Bound Moves
On the daily charts, the CEL token price has formed rejection candlesticks near the swing high of $0.3200, and distribution was witnessed in the last few sessions. Additionally, the token slipped from the highs slowly & steadily, which signifies profit booking at the highs.
The RSI curve stayed in the oversold region and suggests a negative crossover, suggesting that the token may continue to face a selloff. The MACD indicator shows a bearish crossover and formed red bars on the histogram indicate a bearish bias for the following sessions.
Will CEL Token Flip Gains up to the Demand Zone of $0.1200?
On the weekly chart, CEL price showcased low investor interest and faced selling pressure in the last sessions. Despite buyers’ efforts to cross the 20-Day EMA, mighty bears did not permit the bulls to escape the region, and a reversal was noted, which forced the token below the neutral region.
Summary
Celsius (CEL) token price has lost its initial gains and is trying to escape the 20-Day EMA, reflecting sellers’ dominance on the chart. Moreover, the price action highlights range-bound moves and indecisiveness among the bulls and bears. If a breakdown happens below $0.1700, a sharp selloff may push the token toward the demand zone.
Technical Levels
Support Levels: $0.1700 and $0.1500
Resistance Levels: $0.2000 and $0.2200
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
Source: https://www.thecoinrepublic.com/2024/01/28/cel-price-prediction-will-it-break-out-of-the-range/