Celsius (CEL) appears to be on an uptrend in the longer timeframes. Celsius Network token has yet to break below the low of the previous pullback at $6.26 for the uptrend to be invalidated. However, cryptocurrency has become increasingly bearish. At the time of writing, CEL crypto stands at a price level of $6.95. The price of cryptocurrency has declined by 5% in the past twenty-four hours while the daily trading volume has gone up by nearly 40%.
Celsius (CEL) Technical Analysis
The market sentiment for Celsius is majorly bearish. Out of the twenty-two technical indicators, nine are giving out a signal of buy while nine stands at a neutral position with four indications of buy. The oscillators are neutral while the moving averages are bearish.
The Bollinger band analysis of Celsius crypto shows increased bearish momentum for the cryptocurrency. In the four-hour timeframe, Celsius’s price action is in expansion. As the Bollinger bands expand, the volatility of the cryptocurrency is proved to be increased. The expanded Bollinger bands hint towards further bearish momentum for CEL coin. Although an impulsive move usually follows after a downside pullback, the candles continue to be bearish majorly.
Celsius Network (CEL) Price Prediction
Although the native token of Celsius Network is suffering from bearish divergence, the long-term price predictions for the cryptocurrency are bullish. Digital Coin Price predicts CEL coin to be operating at a price level of $10.06 in one year’s time while the five-year projection places the cryptocurrency at $32.31. Long Forecasts predicts CEL coin to end the year at $16.99 while the price is projected to reach $43 by 2025.
Celsius Network has recently announced a partnership with NBA athlete Spencer Dinwiddie. The athlete had been one of the most vocal advocates of blockchain technology. Dinwiddie will engage the community of Celsius through campaigns and social media appearances. Dinwiddie will be compensated through CEL coin.