Celsius Reflects Bullish Bias; Will CEL Recover Soon?

Celsius network is a kind of decentralized banking platform that pays interest to users on their saved or deposited cryptocurrencies. All account holders can take loans on the deposited cryptocurrencies. It is considered one of the largest crypto lenders in the world. 

It is an attractive platform for crypto enthusiasts. It can be integrated with a decentralized finance platform that offers yield on deposits with quick transaction facilities at lower fees. The best part is users can download the mobile application on Apple and Android devices to start their decentralized investment and banking journey. 

Celsius Price Analysis

cel price chart dailyAt the time of writing this technical analysis, CEL/USD is trading around $1.88, which has been in the upper range of the Bollinger Bands suggesting bullishness for the short term. Still, it has formed a reverse hammer on the daily chart, which indicates selling pressure. 

In the short term, the Celsius price chart has been consolidating within a range of $0.08 and $3. In the daily chart, it has found higher support around $1.2, so if the CEL price falls, it may take support around that level and reverse again to the level of $3. Based on our Celsius price prediction, we think it is a good time to buy the coin for the short term, with a target price of $2.5.

CEL price chartOn the weekly chart, it is bullish. After taking support around $0.03, it has formed a higher low around $1.2, which suggests bullishness, but it has not formed higher highs yet, so you should not invest for the long term, but candlesticks are forming in the upper half of the Bollinger Band. 

Most technical indicators are bullish. In short, it has shown positive momentum for the short term, but it has not confirmed bullishness for the long term. So, you should not invest in this coin for the long term.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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