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Celsius is determined to surpass banks in their game by providing financial services at terms that traditional financial institutions do not offer. It also acts as a wallet through its CelPay feature and hosts its own CEL token that users can use to increase payout value, among other things.
Celsius is a for-profit business that takes a cut from interest payments but still returns 80% to its users. Celsius also lends to institutions such as hedge funds. Moreover, because loans are asset-backed and payments are guaranteed, borrowers must provide more than 100% of the amount they borrowed in the destination currency.
Past Performance of CEL
CEL coin price is in a long-term sideways trend. The token price has made an ultimate support and resistance level at $5 and $8, respectively. However, in recent months, the token price fails to rise above the $6.5 mark, indicating a rise in underlying bearishness.
Source - Tradingview
CEL Technical Analysis
At the time of writing, the CEL coin price is trading at $5.56 with a rise of 2.99% in the past 24 hours. Celsius coin price trades in close proximity to the ultimate support level near $5. The price action represents a weakness in the bullish momentum.
Source - Tradingview
The recent failure of the Celsius price to rise above the $6.5 mark indicates the momentum is being compressed that may give a solid move upon breakout of either side.
As per the pivot points, the coin price may find resistance near $6.50 and $8.00.
And the support levels are at $5.00 and $4.50.
The exponential moving averages of 50 and 200-days generate a bearish crossover called a death cross. Meanwhile, the 100-days slopes down, increasing the chances of bearish crossover with the 200-days EMA.
The RSI indicator indicates a neutral trend as the slope wiggles near 43%.
The Zig-Zag indicator created the highest peak at $8.0 on Apr 09. After that, investors can notice a massive correction of 45%, all the way low to $4.40. However, the recent waves saw the crest peak at $6.5 followed by a trough formation near $5.
Day-Ahead and Tomorrow
As per the Celsius technical analysis, the cryptocurrency shows weakness in the sideways trend with a rise in underlying bearishness. Investors might like to wait and observe the CEL price action before a decisive breakout.