Price Analysis

CEL Price Jumps More Than 20% While Balance Sheets Goes Public, Is This a Revival of A LUNC-Like Price Rally?

Written by: Sahana Vibhute

Written by right arrow

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

  • author facebook
  • author twitter
  • linkedin

Jul 15, 2022

news-image
Article Highlights
  • CEL price surged notably in the past couple of hours with significant growth in the buying pressure

  • The attempt for the short-squeeze appears to have flourished as the asset no aims to trade beyond $1 at the earliest

Ever since the LUNA-UST crisis knocked on the doors, the crypto space appears to be in deep waters. Followed with a liquidity crisis with a couple of platforms, traders’ confidence was shaken up to a large extent. Celsius Network with its recent filing of bankruptcy has further fueled the bears who now intend to bring down CEL price to its knees. 

The CEL price dropped more than 50% when the company filed for bankruptcy and later recovered notably as the community attempted a short squeeze. Previously, when a similar action was accomplished, the CEL price surged by more than 150%. But the present attempt appears to have gone in vain as the asset despite minor bounces still hovers within a bearish range. 

celprice

As mentioned in the chart, the CEL price, trading within a symmetrical triangle is approaching the apex which is said to be a decisive phase. The recent attempt appears to have created instability and hence a notable rejection may be in-line. Moreover, the price could coil up as it approached the decisive phase, but the next breakout still remains misty.

On the other hand, the CEL price pump is appearing more or less than a predetermined one, similar to that of the LUNC (LUNA then) price jump. And if the history repeats then the CEL price may also drop hard below $0.1, adding up to zero in its value. Conversely, in case of a positive breakout, the price may surge beyond $1, halting the descending trend for a while. 

Show More

Was this writing helpful?

dislikeimage No myImage Yes

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button