- The Celsius token appears to be extremely bullish above key support level of $2.0.
- CEL is struggling with the retracement phase in intraday trading sessions.
- The Market Cap of 3.8% in the last 24 hours at $590 Million as per the CMC.
The Celsius token has continued to register in the last seven days. Crypto price is fluctuating above the ascending trendline over the daily time frame. The bullish trend in CEL token is sustainable because buyers have completed the accumulation phase in early July for rapid upside momentum.
The price of CEL token reached 60-day highs of $2.57 Mark, which has a volatility zone for bulls. As a result, buyers see a pullback in intraday trading sessions after a solid uptrend. Thus, at press time, the token is trading at $2.47 mark with bears’ dominance.
Although the bears’ hedge zone is far from the current price of the CEL token, buyers may have to be patient near this zone. Nevertheless, according to CMC, the market cap of the altcoin has increased by 3.8% to $590 million in the last 24 hours. Similarly, the price of the bitcoin pair with the CEL token increased by 6.5% at 0.0001035 satoshis.
CEL Remains Above the Red Zone of Selling
The trading volume increases gradually along with the uptrend, suggesting more than average buying in CEL crypto. The volume observed is good for higher territory, buyers may push assets above most immediate bullish hurdles easily.
After a long period of sell-off, bulls maintain the Celsius token price above the green moving line as well as the 200-MA of the EMA Ribbon indicator. This is the most significant bullish sign for long-term investors. In addition, the Stoch RSI may give a little negative sign ahead.
Conclusion
There is no massive selling of Celsius token so far in the intraday trading session. But still, buyers may see a minor pullback in a lower time period. However, the CEL token is bullish from a long-term view.
Resistance level- $3.0 and $4.5
Support level- $2.0 and $1.5
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.
Source: https://www.thecoinrepublic.com/2022/08/12/celsius-price-analysis-cel-token-shows-long-term-bullish-signs-but-in-which-time-frame/