By Franklin Smith
The bankrupt crypto lending firm Celsius Network LLC saw its native coin, CEL, surging 109% within the past 30 days. Meanwhile, the altcoin’s price actions printed a climbing wedge on its daily chart. Therefore, investors planning to maintain their positions should remain alert.
While writing these lines, CEL traded at $1.58, surging 14.21% within the past 24 hours. The daily chart shows the alternative token launched upward movements since May 29, one that saw it forming a rising wedge pattern.
Nevertheless, enthusiasts should adopt caution when trading CEL in the coming few days as a bearish breakout will likely follow at the climbing wedge’s mouth.
The 4hr chart shows daily investors filling their bags with Celsius tokens. The MFI (Money Flow Index) stayed substantially overbought near 93.70 as CEL enjoyed significant accumulation during this publication. Moreover, the RSI (Relative Strength Index) maintained uptrends, reading 77.66.
Bearish corrections usually follow such highs, and daily traders could be in a lucrative spot if they book profits before the retracement begins.
What the Previous 30 Days Seemed Like
CEL investors have capitalized on the asset’s latest price action to earn profits as doubts about Celsius’s existence prevail. The asset’s 30-dayMVRV hovered at +65.66^, whereas weighted sentiment displayed +0.272.
Meanwhile, the past 30 days noted a disparity in CEL holdings by various whale cohorts. For instance, while whale with 100,000 – 1,000,000 tokens trimmed their balances, those with 1 – 10,000 CELs gradually added. Thus, this category’s activity propelled the price rally during that timeframe.
Also, network activity dwindled within the last month. Daily active addresses interacting with CEL slumped by 27%. Furthermore, new wallets registering on the blockchain recorded a 9% slump during that phase.
It is worth considering the mentioned datasets as far as recent developments are concerned. The August 5 filing by Celsius saw it withdrawing the earlier motion about its former CFO Rod Bolger entering an advisory contract with the crypto lending company.
Celsius flourished within the past month, gaining 109%. That has attracted many investors. However, the downside usually emerges after such highs. Enthusiasts might book profits before an imminent fall kicks off.
Editorial credit: FellowNeko / shutterstock.com
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