Celsius Crypto: Despite Bearish Technicals, Can CEL Crypto Rise?

• 1 The CEL crypto exhibited a sign of deterioration as the price tumbled from a crucial level.
• 2 The RSI is also below 50, implying that the CEL crypto is still in negative territory and can sink even lower.

Celsius aims to beat banks at their own game by providing financial services with the kind of terms that traditional financial institutions no longer provide.

These provide much higher returns on savings and deposits, much simpler and fairer loan requirements, and automated rewards calculated for each user algorithmically. Penalties and bank-style fees are also avoided.

The platform also works as a wallet via its CelPay feature and has its CEL token which users can use to raise payout value among other things.

Celsius utilizes a modified proof-of-stake algorithm for its token, while wider protection procedures were elaborated in a dedicated presentation in June 2020, and this is still available on the company’s website.

As with any client-focused wallet, the risk of theft from attacks such as SIM-swapping exists if users themselves do not have enough protections in place such as two-factor authentication.

Where Will Celsius Crypto Price End Up in January?

Source: CEL/USD: CRYPTO.1.D. by TradingView

The Celsius crypto was in a sideways range for a prolonged period of time and it hovered in this range, and attempted various times to surge but failed as supply was heavily weighted. However, the CEL crypto exhibited a sign of deterioration as the price tumbled from a crucial level of around $0.30000 on the charts, on December 10th, 2023.

Now, it looks like the CEL crypto is headed for a steep drop as it meets the resistance level. It could fall to rock bottom from the current support zone.

Furthermore, the CEL asset is displaying bearish weakness and the potential to fall as it plunges below all the major EMAs.

In addition, the technical indicators for the CEL asset are exhibiting bearish weakness as the MACD is below the zero line and the histogram shows no increase in its width.

The RSI is also below 50, implying that the CEL crypto is still in negative territory and can sink even lower.

Examining the chart at press time, it shows that the price has increased by 4.32% in the last intraday session with a CMP of $0.203551, and the price movement seems bearish and negative. The price seems actively ready for a heavier slump in the upcoming sessions.

Therefore, if it breaks the range by shattering the current support, it could slide towards $0.15000. On the other side, if it takes support from the recent demand level, it could go back to the supply zone, which means the resistance could be $0.30000.

Source: CEL/USD: CRYPTO.1.D. by TradingView

Summary

The CEL crypto exhibited a sign of deterioration as the price tumbled from a crucial level. Furthermore, the CEL crypto is displaying the potential to fall as it plunges below all the major EMAs.

Therefore, the price movement seems bearish and negative, and seems poised for a heavier slump in the upcoming sessions.

Technical Levels

Support Levels: $0.15000

Resistance Levels: $0.30000

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.

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