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CELR Technical Analysis: Bullish Frenzy Hints at a Double Bottom Breakout

cryptoknowmics.com 13 January 2022 12:01, UTC
Reading time: ~2 m

CELR coin price action reflects increased chances of a double bottom breakout to drive the price higher above the $0.10 mark.

While blockchain can be exciting, however, it leaves a lot to be desired when it comes to the speed of transactions and efficiency. Celer Network is a cleverly designed layer-2 scale solution that allows off-chain transactions processing. 

The Celer platform provides rapid, easy as well as secure transactions off-chain for smart contracts and payment transactions.

Let us move ahead to read about the Celer technical analysis.

Past Performance of CELR

CELR coin price grew more than 25% from the $0.06 mark, resulting in the double bottom pattern in the daily chart. Moreover, recent bullish candles formation indicates a reversal in the short-term downtrend. The neckline of the pattern is at $0.085, the breakout of which will mark a bullish milestone.

CELR/USD Daily Chart

CELR Technical Analysis

The CELR Network fills a vital space in the cryptocurrency market. Its interoperability and its blockchain-agnostic design are ideal for growing DeFi communities. Users can take advantage of Celer's features for more ROI-related opportunities, as well as, save on fees and reduce time to complete transactions.

The crucial EMAs (50, 100, and 200) showcase a rise in underlying bearishness evident by the death cross in the daily chart. Moreover, the EMAs can show dynamic resistance to the increasing prices.

The CELR price action indicates resistance levels at $0.10 and $0.12 above the neckline at $0.80. The support levels are at $0.60 and $0.40 which can halt a downfall if the price fails to give a bullish breakout.

The RSI indicator at 51% shows a spike in the slope as it breaks above the center mark and the 14-day SMA. Moreover, the SMA takes a bullish slope and indicates a rise in bullish powers.

The MACD indicator shows a reversal in the MACD and signal lines as they overcome the influence of the recent bearish crossover. The lines regain the uptrend momentum and give a bullish crossover. Therefore, the indicator showcases a bullish revolt in action.

Upcoming Trend

The upcoming trend in the CELR coin price seems to be bullish as the chances of the double bottom breakout increase significantly. The technical indicators and the price action suggest the breakout opportunity. However, safe traders need to be patient and wait for the price action confirmation.

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