Celsius Price Up by 5.109% – Time to Buy CEL Coin?
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Celsius is gearing to attain substantial highs in the coming weeks, along with the entire crypto market. This impressive price gain has motivated investors to buy CEL.
Celsius is a banking and financial services platform that aims to outperform banks by offering services that traditional financial institutions are reluctant to provide. What does this mean for the average crypto investor? Is Celsius a digital asset to buy or ignore this season? We explore the asset’s recent price action in this review.
CEL Gearing for Bull Run
The Celsius utility token is gearing to take on an aggressive bullish run, following the corrections made to the resistance and support prices in the past months.
Celsius is currently trading at $3.95, which is indicative of a 5.109% increase in the last 24 hours. The Celsius utility token dominates 0.04% of the total crypto market and ranks as the 95th cryptocurrency globally.
The ERC-20 token has a market capitalisation of $929 million and is up by a whopping 305.15% in the last 24 hours. The digital asset has a 24-hour trading volume of $10m, which is also up by3.90% in the last day.
The long term statistics indicate that the digital asset has had a good run as CEL accrued an 18.90% increase in the last six months. Year-to-date statistics depict a 35.04% increase, a confidence booster for investors looking to buy CEL.
CEL Technical and Fundamental Analysis
CEL is on a bull run as the crypto asset is currently trading above the 20-day moving average (MA) of $3.79. The 200-day MA, however, depicts a bearish movement as the support price sits at the $5.41 price peg.
The Relative Strength Index (RSI) shows that CEL is trading in the underbought region with a value of 52.05. The moving average convergence and divergence (MACD) indicate a buy signal.
The technical indicators prove that the digital asset is moving to ascend the current price peg, reflecting that this is a good time for potential investors to buy CEL.
Celsius’s technical indicators are strong pointers towards the digital asset’s potential to soar above current price ranges; however, fundamental factors are good incentives for the buying potential of the asset.
Celsius’s steps to outperform traditional banks just got bigger as the network lowered its minimum request amount for fiat loans.
Users can now access over 40 cryptocurrency loans at only $1,000. The network allows users to apply for loans in a few minutes and process their loan requests on the same day.
The loan interest amounts vary based on the network policy, region and laws and regulations and are within the range of 1% to 8.95% depending on the user’s loan to value (LTV) choice.
The price of Celsius tokens is expected to skyrocket as the network has burned 10% of the total number of CEL bought in the market this week.
The 62,929 CEL, used to reward Celsius users, has been removed from the market. By regularly burning tokens, the network can increase the demand for the token by reducing its supply, thereby driving up the price. With this recent reduction in the total supply of CEL, the digital asset is expected to move on to new resistance and support prices in the coming weeks.
In another report, has announced the integration of Tezos, an energy-efficient and self-upgradable Proof of Stake blockchain, and its native token Tez (XTZ).
In a statement on December 14, the asset stated that integration of the Tezos network into the Celsius platform was made possible by the Tezos Israel adoption and innovation hub.
The cryptocurrency earning and borrowing platform said it is always looking for ways to onboard new tokens from projects on the Celsius platform.
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