Celsius Price Up By 5.68% – Time To Buy CEL Coin?
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The Celsius digital asset has been on a downward trend for quite some time. However, the popular ‘unbank yourself’ blockchain protocol is on a rally, motivating investors to buy CEL.
Celsius (CEL) is crypto’s version of an all-in-one banking and financial services platform. Users of the site get monthly pay and earn interest on their investments.
When utilised as a payment currency, CEL serves various purposes, including increasing user payments on the Celsius platform.
Understanding the technical and the fundamental factors affecting the asset’s price will help determine if this is a good time to buy CEL.
Celsius Price Analysis
While the broader crypto market is struggling in the bearish zone, CEL is showing strong bullish backing.
At press time, CEL is trading at $3.843, up 5.68% in the last 24 hours. The digital asset is the 94th most valuable cryptocurrency in the global cryptocurrency market, with a market domination of 0.04%.
CEL’s market cap value is set at $2.6 billion, up 5.76% in the last 24 hours. The digital asset has a 24-hour trading volume of $10.4 million, down 4.09% in the last day.
Celsius Network outperformed premier digital asset Bitcoin in the one month by 18.91%, per data from Coincheckup.
The token’s value has climbed by 2.85% in the past week; however, the price of the coin dropped by 14.42% in the previous month, and in 12 months, the token’s price has increased by 65.21%.
The digital token’s resilience in the crypto market is demonstrated by the recent surge in its price as the broader crypto market face-off with the bears. This opens the opportunity for investors to take advantage of the current rally and buy CEL.
On July 18, the Celsius coin was trading at $6.192; however, the asset price decreased to $5.590 on August 1, a significant drop from its prior price.
The value of the crypto asset momentarily climbed to $6.155 by the end of August and fell to $5.233 on September 30 before climbing to $5.666 on October 21. The asset’s price has dropped from this level, now trading at $3.843.
CEL Technical And Fundamental Analysis
The digital currency is trading a bit below the 20-day moving average (MA) support price of $3.896, indicating a bearish trend. The 200-day Moving Average (MA) suggests a strong bearish trend as the coin’s current price is below the support point of $5.560.
With a figure of 45.82, the 14- day Relative Strength Index (RSI) shows that the Celsius token is in the underbought zone. The Moving Average Convergence and Divergence (MACD) indicator also shows the yellow trend leading, signalling a sell signal.
There are key fundamentals that indicate the coin’s value increasing, despite the fact that the crypto asset market is now bearish.
Following the Celsius Network fundraiser that increased the company’s valuation to $3.5 billion in November, Grit daily has listed the crypto banking platform as one of the top fintech companies to watch out for in 2022.
This listing is timely as the fresh funds raised would be used to grow into new markets and product offerings and develop CelsiusX, the company’s newly announced centralised finance-to-decentralized finance (DeFi) bridge initiative.
Celsius will also invest in increasing the “utility of its platform” as well as its commitment to long-term Bitcoin (BTC) mining.
The platform also unveiled the beta launch of its highly-anticipated in-app swap feature that will allow users to exchange assets on the platform with zero fees. Transactions on the Celsius network are likely to increase when this capability is rolled out to more users in the future.
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