Celsius Price Analysis As Trading Volume Accelerates 500% To $121M, CEL Explodes 72%
Celsius price analysis: CEL, the native cryptocurrency of Celsius Network has caught the attention of crypto investors with its massive rally that started in May. Piggybacking the momentum of renewed buying interest in the market along with Bitcoin, Celsius price has recently hit a 20-month high of $1.66.
This rally initiated with a major reversal pattern and bolstered by notable growth in futures open interest points to healthy recovery and opportunity for further growth.
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Celsius Coin Price Analysis: CEL’s Stellar Comeback Post-Bankruptcy
An analysis of the daily chart shows the Celsius coin witnessed a notable sideways trend from March 2023 to April 2024. The lack of initiation from investors limited CEL’s recovery below $0.42 possibly due to the Chapter 11 bankruptcy filed with the Southern District of New York bankruptcy court.
However, on January 31, 2024, Celsius Network LLC announced that it had emerged from bankruptcy by completing the transactions under its confirmed plan of reorganization.
With the investors’ sentiment restoring, the CEL token utilized the broader market recovery in May to rebound from $0.114 support. The positive turnaround uplifted the Celsius coin by 1,360% to hit a high of $1.66, while the market cap boasts $60.37 million in value as per CoinMarketCap data.
Amid this rally, the crypto buyers gave a massive breakout from $0.42 resistance, signaling the buyers’ escape from the 20-month accumulation. The rally also saw a significant uptick in futures open interest, as highlighted by data from Coinglass. From a low in May of $850.96K, open interest surged to an impressive $11.23 million.
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This dramatic increase, amounting to approximately 1220%, signals robust trading activity and potentially greater market leverage. Such a substantial rise suggests that traders are gearing up for more notable price actions in the near future.
With an intraday gain of 66%, the Celsius price teases a bullish breakout from the swing high resistance of $1.667. The 24-hour trading volume jumped 266% to $78.65 Million indicating the traders support the price hike. If the breakout sustains, the coin buyers could drive a rally to $2.8, followed by $4.6.
Technical Indicators
- Average Directional Index: The daily ADX slope at a high of 50% indicates an overextended rally by buyers. Thus, the CEL price is poised for some occasional pullback to replenish bullish momentum.
- Exponential Moving Average: Amid a high momentum rally, the fast-moving 20-and-50-day EMA could provide dynamic support to the recovery rally.
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