Celsius Price Up By 13.90% – Time To Buy CEL Coin?
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The Celsius digital asset has experienced massive upwind and is trading with the bulls after a shaky year. The rising price of the blockchain protocol is a strong signal for investors to buy CEL.
Celsius (CEL) is a cryptocurrency that acts as a one-stop-shop for banking and financial services. The site’s users get paid regularly and receive interest on their assets. CEL serves a variety of uses as a payment currency, including boosting user payments on the Celsius platform.
Understanding the technical and fundamental aspects that influence the asset’s price can aid in determining whether now is a good time to buy CEL.
CEL Catching Major Tailwinds
While the whole crypto market is in bearish territory, CEL is exhibiting strong positive support.
At press time, CEL is trading at $4.5470; this price is indicative of a 13.90% increase in the last day. The digital asset is the 90th most valuable cryptocurrency in the global cryptocurrency market, with global market domination of 0.05%.
The fully diluted market cap of the Celsius utility coin is pegged at $3.1 billion, up 14.55% in the last 24 hours. The 24-hour trading volume of the asset has increased by 44.54% accordingly, putting the value at $15.2 million.
According to data from coinomics, the digital asset saw a 17.87% increase in the last week and an even more impressive 17.90% increase in the past month.
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.
The Celsius coin was selling at $6.1545 on July 14; however, on August 3, the asset price dropped to $5.7070, a considerable reduction from its previous price.
By the end of August, the crypto asset had risen to $6.1965, then dipped to $5.8420 on September 20 before rising to $5.664 on October 20. The virtual asset’s price declined from this level to $4.1365 on December 1 and then proceeded to rise to the current price of $4.5470.
CEL Technical And Fundamental Analysis
The digital currency is currently trading above the 20-day moving average (MA) support price of $3.911, indicating a strong bullish trend. However, the 200-day Moving Average (MA) indicates a bearish long term trade as the coin’s current price is below the support point of $5.2282.
The Celsius token’s 14-day Relative Strength Index (RSI) is 71.27, indicating that CEL is overbought. The green trendline is also leading on the Moving Average Convergence and Divergence (MACD) indicator, signalling a buy signal.
Key fundamentals indicate the coin’s value is increasing, even though the crypto asset market is now bearish. Investors can buy CEL now to rise with the market.
The crypto lending platform recently announced that it has been picked as the winner of the 2021 Crypto Awards ‘Best Centralised Finance (CeFi) Lending Platform’ category, which will be presented at Blockchain Fest 2021.
Blockchain Fest is one of the most prominent crypto and fintech events in Europe and Asia, bringing together investors, developers, crypto aficionados, and government officials from all over the world.
On the other hand, about 61,822 CEL were burned from the total supply. The overall quantity of coins in circulation would be reduced and limited due to this.
Lowering the number of coins in circulation can increase the price of an asset in the future; the bitcoin price boom is an example of how a limited supply of tokens influences the price of crypto assets.
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