Celsius Price Up by 2.97% – Time to Buy CEL Coin?
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- Celsius to facilitate wETH lending pool with a new partnership, motivating investors to buy CEL
- The crypto market plummets by 5.08% in the last day with a live market cap of $1.75 trillion.
- Celsius unlocks cross-chain liquidity with a Proof-of-Reserve (PoR) consensus mechanism.
Celsius utilises Proof-of-Reserve (PoR) to enable Cross-chain Liquidity
The Celsius Network is a fair reward and lending platform that provides users access to curated financial services. Crypto users can earn rewards by transferring their celsius account assets and borrowing stablecoins. The Celsius network needed an automated, decentralised and secure way of auditing reserves that secure its wrapped token.
As a solution, Celsius integrated the Chainlink PoR consensus mechanism to replace long, manual audits with real-time on-chain audits backed up by data. The Chainlink PoR eliminates the need for trusting a centralised body to verify wrapped tokens. This will result in 100% trustless wrapped token minting, 100% automated, decentralised audits and over $100 million secured at the launch of the consensus mechanism.
Celsius Partners with Maple Finance
Celsius utilises Maple Finance’s smart contract and blockchain infrastructure to provide investors with a $30 million lending pool. The partnership is in line with Celsius’s goal to become the first pool delegate to launch a crypto lending service on the Maple Finance platform.
Using wrapped Ether (wETH), Celsius will allow users to use assets across a wide range of trading components, including borrowing, staking and lending. Institutions that borrow from Celsius need to go through a KYC process and credit assessments before being granted loans. Using the Maple Finance platform, interested institutions in Celsius loans that have an on-chain credit reputation and have signed a Master Loan Agreement (MLA) will engage in a streamlined onboarding and lending process.
Maple Finance is built to disrupt the traditional banking infrastructure with all the equipment necessary in the DeFi space. Due to on-chain information, the lending and borrowing process is developing faster and more efficiently.
The partnership with Maple Finance signals the next stage in crypto growth as Centralised Finance (CeFi) and DeFi platforms work together to establish a stable institutional capital network.
The Celsius Network is geared at increasing in price as investors stake their bets on raising capital for finances from the Celsius platform. The consistent increase in financial services will provide a basis for investors to buy CE, sending the price on an upward trend.
Celsius Technical and Fundamental Analysis
Celsius is trading at $3.07, indicating a 2.97% increase in the last 24 hours. It is the 88th most valuable asset, dominating 0.04% of the market.
Celsius currently trades below the 23.6% Fibonacci retracement value of $3.23. This shows that the asset is making a retest before establishing new resistance levels, having surged above the 61.8% Fibonacci retracement value of $2.6. CEL is trading sideways in a bid to maintain stable prices and build new support at the current price.
The Simple Moving Average (SMA) value of $3.30. This shows that the asset is on its way to riding bulls and the Moving Average Exponential (EMA) value of $3.03 supports this claim.
With a Relative Strength Index (RSI0 value of 49, CEL is trading in the underbought region. This indicates a prime opportunity for investors to buy CEL.
CEL remains stable amidst depreciative global crypto trends. This provides more investors with incentives while investing in the asset.
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