Celsius Price Analysis: CEL Coin Rising Through an Interesting Channel, What about Breakout?

• The Celsius price is trading with strong uptrend momentum inside an ascending parallel channel over the daily chart.
• CEL crypto has recovered above 20, 50, and 100-days Daily Moving Average.
• The pair of CEL/BTC is at 0.00006665 BTC with an intraday gain of 10.71%.

Over the daily price chart, the price of Celsius is attempting to recover through an upward channel. The coin is currently recovering as it trades up towards the channel’s upper trendline. For the CEL coin to rebound and reach a respectable resistance level, it must sustain the momentum of the present rise. To allow the token to break free of the ascending parallel channel with a powerful bullish rally, CEL bulls must keep the upward momentum going. Bears are attempting to short the CEL market, though. A bear market makes it difficult for cryptocurrencies like CEL to recover efficiently. Investors in CEL must hold off until bulls maintain their position at the rising parallel channel’s upper trendline.

The Celsius price is presently approximated at $1.61 and has gained 15.66% of its market capitalization in the last 24-hour period. Trading volume has increased by 57.43% in the intraday trading session. This shows that bulls are trying to register the token’s breakout from the rising parallel channel over the daily chart. The volume to market cap ratio is 0.02678.

For the CEL coin price to accelerate toward the channel’s top trendline, additional buyers are needed. The accumulation of bulls, however, is not up to par, and it needs to be raised for CEL to surge, according to volume change. To show its recovery phase on the daily price chart, the CEL coin price must rise toward the upper trendline.

What about the Return from Extreme Overbought Territory?

Through the ascending parallel channel visible on the daily price chart, CEL cryptocurrency is attempting to signal its recovery. To maximize recovery, the token must keep moving inside the channel and push past the acceptable resistance level. Technical indicators point to the momentum of the climb for the CEL currency.

Relative Strength Index showcases that CEL is trading in extreme overbought territory. RSI is at 75 and CEL investors must wait until RSI returns from extreme overbought territory. MACD exhibits the uptrend momentum of CEL coin. The MACD line is ahead of the signal line inside the positive zone. 

Conclusion 

Over the daily price chart, the price of Celsius is attempting to recover through an upward channel. The coin is currently recovering as it trades up towards the channel’s upper trendline. For CEL coin to rebound and reach a respectable resistance level, it must sustain the momentum of the present rise. To allow the token to break free of the ascending parallel channel with a powerful bullish rally, CEL bulls must keep the upward momentum going. Technical indicators point to the momentum of the climb for the CEL currency. RSI is at 75 and CEL investors must wait until RSI returns from extreme overbought territory.

Technical Levels

Support Levels: $1.30 and $1.15

Resistance Levels: $1.70 and $2.00

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.  

Nancy J. Allen is a crypto enthusiast and 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.

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