The Celsius price is trading range bound though tilted to the downside as the crypto achieved a successive series of lower highs. Stir resistance at the 200-Day exponential moving average at $0.213 capped the CEL price on the upside which resulted in a price drop in the last couple of sessions.
The sellers stepped in on Tuesday and near the higher boundary of the range and 200-Day EMA and pushed the price towards the lower boundary of the zone indicating their dominance at the supply levels.
On the flip side, the buyers have established themselves near the lower boundary of the range at $0.172 which is also the previous breakout zone. The volume is low at the moment and several indecisive candles are observed over the chart.
Moreover, the breakout or breakdown of the range may decide a clear direction in the crypto. Traders and Investors need to wait for a clear breakout on either side before entering into a trade.
Celsius Crypto Long Term Trend Analysis
Also, the long term trend outlook stays on the neutral to bearish side as the CEL price trades closer to the 200-Day exponential moving average. The price has experienced volatility in the past few months with movements on both sides.
In October, the CEL cryptocurrency reversed its course and turned positive and attained a high of $0.39 surpassing the 200-Day EMA. However, the price could not hold for more on the higher side and slumped lower. Currently the crypto hovers near the previous breakout zone.
Celsius Crypto Indicator Analysis
From a Technical perspective, Celsius crypto trades below the 200-Day EMA indicating a clear sign of bearish dominance in the crypto. Moreover, the short term outlook tends to be sideways to bearish as the price shows frequent crossover of the 20 and 50-Day EMAs.
Also, the MACD line and signal lines are converging indicating a positive trend prevailed in the short term which might reverse its course to turn negative.
Celsius Price Prediction February 2024
The positive view of our analysts assumes breakout of the range and 200 Day EMA on the higher side which may unlock the price potential till the higher levels of $0.25 and $0.27.
However, the bearish perspective of our analysts expects fresh downside movement if the lower boundary of the range at $0.172 breaks. It may drag the price to the lower levels of $0.15 and $0.13.
Celsius Crypto Price Prediction 2024
The price forecast for the year 2024 is that the CEL token price could reach a high of $0.337, suggesting a potential gain of over 75.26% if the most positive conditions prevail. Moreover, the negative outlook of the analysts is that the price could reach $0.282.
Celsius Price Prediction 2025
By 2025, the Celsius price may attain $0.477 on the higher side. On the flip side, the minimum price up to which the crypto price may rise by the year 2025 is $0.372.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Source: https://www.thecoinrepublic.com/2024/02/22/celsius-price-stuck-in-a-range-breakout-or-breakdown-ahead/