- Celsius price has been bullish inside the symmetrical triangle pattern over the daily price chart.
- CEL crypto has gained more than 10% of its market cap in the last 24-hour period.
- The pair of CEL/BTC is at 0.00005341 BTC with an intraday gain of 6.95%.
Celsius price has been consolidating inside the symmetrical triangle pattern over the daily chart. The token is finally gaining towards the upper trendline with a distinct uptrend momentum. CEL coin has gained more than 10% in the last 24-hour and is heading towards the upper trendline to register its breakout bulls must sustain to register the token’s breakout. However, due to the current circumstances of bear market bears may try to short the market for CEL coin to pull the token back from the upper trendline. The accumulation of bulls must be significant so that the token can sustain out of the symmetrical triangle pattern.
The current estimated price of Celsius is $1.34, and in the previous day, it increased by about 10.63 percent in terms of market capitalization. The intraday trading session saw a sharp rise in trade volume of 134%. This demonstrates that although buyers are still entering the market, bears are always a possibility. Volume to market cap ratio is 0.08086.
CEL coin price must escape the symmetrical triangle pattern to avoid being caught inside the short-sellers’ clutch. The token must attract more buyers and surge towards the upper trendline of the symmetrical triangle pattern. Nevertheless, volume change can be seen below average and needs to grow for CEL to sustain at the upper range.
What do Technical Indicators suggest about CEL?
CEL coin price needs to attract more buyers to continue the ongoing bullish momentum over the daily price chart. However, volume signifies that bulls must accumulate themselves to let CEL coin sustain at the verge of the symmetrical triangle pattern. Technical indicators suggest the uptrend momentum of CEL coin.
Relative Strength Index showcases the uptrend momentum of CEL coin. RSI is at 73 and is heading towards the overbought territory.
MACD exhibits the bullish momentum of CEL coin. The MACD line is ahead of the signal line inside the positive zone.
Conclusion
Celsius price has been consolidating inside the symmetrical triangle pattern over the daily chart. The token is finally gaining towards the upper trendline with a distinct uptrend momentum. CEL coin has gained more than 10% in the last 24-hour and is heading towards the upper trendline to register its breakout bulls must sustain to register the token’s breakout. The token must attract more buyers and surge towards the upper trendline of the symmetrical triangle pattern. Nevertheless, volume change can be seen below average and needs to grow for CEL to sustain at the upper range. RSI is at 73 and is heading towards the overbought territory.
Technical Levels
Support Levels: $1.00 and $0.90
Resistance Levels: $1.50 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.
Source: https://www.thecoinrepublic.com/2022/07/29/celsius-price-analysis-is-cel-prepared-to-break-out-of-the-symmetrical-triangle/