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CELR, the official native token of Celer Network, is down badly from its previous week’s highs of $0.031, recording a disappointing -16% in today’s trade session. While several cryptocurrencies have shown price weakness, the Celer Network token has been the biggest loser over the past 24 hours.
In recent times, the general market sentiment has drastically changed. Most traders who called for a bull market after BTC’s previous week’s rally are now bearish due to a price retracement on major cryptocurrencies. However, will bulls show strength and prevent the next outcome for Celer’s Network token?
CELR Bears On A Mission, Further Losses Imminent?
Bears are on a mission as they move on a trail to wipe out two-week gains of the Celer Network token. The current price action results from CELR investors taking profits on the recent Bitcoin price rally, which saw the cryptocurrency move past $30,000 for the first time since June 2022.
The native token of the Celer Network was on the move and recorded a 7-day high of $0.031 after BTC bulls pushed the price upwards and lifted the entire market with the digital asset.
At the time of writing, Coinmarketcap data reveals CELR to be trading at $0.023, a notable dump from where it was in price last week. Bulls may now need to act to defend what is left of the previous week’s gains of the Celer Network token.
CELR price retraces back to key support after previous week gains | Source: CELRUSD on TradingView
CELR is currently trading at a key support price zone of $0.023 and might be at just the right spot for bulls to pick up steam and reverse the bearish trend. However, the price of Bitcoin is a major price decider for the crypto market and could dictate CELR’s fate in the coming days.
At the time of writing, Bitcoin trades at $27,327 and is currently faced with resistance at $27,800, according to a recent tweet by crypto analyst Michael Van De Poppe. Rejecting that resistance level may see Bitcoin sweeping further lows until it can bounce up.
Same old, same old for #Bitcoin.
Isn't able to break through $27,800 as resistance point.
Would be looking at a sweep of the lows until we can have a bounce.
However, $27,800 is crucial for a trend reversal, not $28,800. pic.twitter.com/7U7MS1lcus
— Michaël van de Poppe (@CryptoMichNL) April 24, 2023
A further Bitcoin price depreciation could mean dire consequences for CELR, thereby inviting bears to sweep off the remaining gains of the previous two-week candles.
Celer Network Token Price Unshaken By Recent Platform Development
Despite Celer Network’s recent development to its platform, a corresponding bullish impact is yet to be seen in the price of its native token. One recent development expands Celer’s bridging support for Izumi Finance native token (IZI) and the IUSD stablecoin.
Celer Network users can now seamlessly and securely bridge the tokens mentioned above between Arbitrum, Ethereum, Polygon, and ZKsync networks at low transaction costs.