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In a statement, Celsius stated that it is not affiliated with Bilaxy exchange and that it does not list the $CEL token with them. The Celsius (CEL) platform provides all-in-one banking and financial services for cryptocurrency users. It launched in June 2018, offering loan services and wallet-style payments in addition to rewards for cryptocurrency deposits. Regular payments and interest are paid to users of the platform. The native token of Celsius, CEL, performs a variety of internal functions, including boosting user payouts when used as a payment method.
A total of $12.8M was paid for this week's rewards. More than $3.2M has been spent in Bitcoins As a reward, it was distributed to the Celsians. Let us look at the technical analysis of CEL.
Past Performance
The current price of CEL is $6.34, which is up by 1.36% in the last 24 hours, resulting in an equivalent increase in the market cap of 1.36%. In the last 24 hours, CEL traded between $6.23-$6.49.
https://www.tradingview.com/x/LQG3QgJ9/
CEL Technical Analysis
The price of CEL currently is at its 3-month long resistance level. After accumulating for more than two months, a breakout from this range will be a rally for CEL. However, we have to see if the indicators are indicating the same or not.
Currently, the RSI is at 58.20%, it has faced resistance at 59.63%, and has taken a slight dip. Suggesting an increase in selling pressures. In the month of August, the RSI made lower highs, the RSI took support at 39.52% and took an uptrend. However, we can see a slight dip in the RSI on the chart. The selling pressures are overtaking the buying pressures in the market.
MACD and EMA lines are below the zero range, suggesting a sell. However, there is a bullish crossover on the chart. The MACD has overtaken the EMA suggesting buying pressures are high on this horizon.
On the daily chart, the OBV broke its uptrend and has taken a slight dip suggesting depreciation in the volume.
Day-Ahead and Tomorrow
The price is at a crucial stage, a slight push in the buying pressure might lead to a price test immediately at $6.36. Thus, the market is crucial for CEL. If the price faces rejection, it might break down. However, if the price falls on the chart, it will try to take support at $6.06.
However, if the price falls down from this level, it will take support at $5.36. A breakdown from this will highlight the support level at $4.62. Traders can take a short position accordingly.