Celsius price analysis: A 100-DMA is the last hope for CEL investors

  • The Celsius token hit a 30-day low on the downside.
  • The bears pushed CEL prices below the major DMAs of 20, 50 and 200.
  • Buyers are praying for recovery as the CEL is down 49% this week.

After peaking in August, short sellers regained control of the Celsius token. In recent weeks, the CEL token has seen an unprecedented surge. The altcoin price rose further after breaking through the $1.5 resistance level, which was also breached by the bears this week.

Buyers failed to hold CEL prices in a higher zone for the past 15 days, and the coin has been forming a strong bearish candle since last week. Meanwhile, buyers are hoping for a recovery from the CEL’s 49% plunge this week.

The weekly price chart shows heavy selling pressure, where the selling wiped out all the monthly gains in the space of 15 days. At press time, the Celsius token is trading at $1.15 against USDT, with the bears still looking aggressive for a downtrend. Additionally, the pairing price of the CEL token with the bitcoin pair is down 15.5% at 0.00005419 satoshis.

There are no signs of a recovery as per the price action, but there is an opportunity for buyers to hold the crypto above the conceptual level of the $1.0 key support level for this week. Sellers below the $1.0 support level could see the crypto lose 50%.

Meanwhile, the market capitalization fell 15.7% to $278 million in the past 24 hours. Although trading volume appears neutral at $22 million over the past 24 hours, any volatility could create an opportunity for a larger downtrend.

CEL hits key $1.0 support

During the day, the bears pushed CEL prices below major DMAs such as 20, 50 and 200. The 100-day moving average remains the last hope for buyers. Additionally, the RSI indicator turned bearish with the move below the half line.

Conclusion

The Celsius token looks extremely weak compared to other altcoins. The price action is showing no positive signs with the RSI indicator moving below the half line. Now, the 100-day moving average is raising hopes for buyers if they manage to manage this support level.

Resistance level – $4.0 and $5.0

Support level – $1.0 and $0.5

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

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