CEL Technical Analysis: Price Above the First Fibonacci Pivot Resistance Level of $5.72

Celsius is a blockchain network that provides valuable services like zero transaction costs, instant trades, and competitive interest rates. The prime objective of this network is to provide financial freedom to virtual currency investors. CEL token is the utility token of this ecosystem that enables users to get higher rates of return on crypto deposits and lower interest rates on loans. Following is the technical analysis for CEL.

Past Performance

On Jun 16, 2021, CEL opened at $6.78. On Jun 22, 2021, CEL closed at $5.38. Thus, in the past week, the CEL price has decreased by roughly 21%. In the last 24 hours, CEL has traded between $5 – $5.82.

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Day-Ahead and Tomorrow

Currently, CEL is trading at $5.72. The price has increased from the day’s opening price of $5.38. Thus, the market seems bullish.

The MACD and signal lines have turned negative.  Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bearish. Hence, we can expect the price to start falling.

Currently, the RSI indicator is at 46%. It faced rejection at 60% and fell to the current level. Hence, selling pressures are high. High selling activity will exert downward pressure on the CEL price.

However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Heavy buying activity will push the price further up.

In short, the RSI and MACD oscillators have given bearish signals, while the OBV oscillator has given bullish signals. Thus, we can say that currently, the overall market momentum is negative. But, we have to wait and watch, if the intermittent price rises are a market corrective action or the beginning of a strong bullish trend.

CEL Technical Analysis

Currently, the price is above the first Fibonacci pivot resistance level of $5.72. It may soon fall below it and further below the Fibonacci pivot point of $5.40. Thereafter, we have to wait and watch if the price starts rising or continues to fall.

The price has tested and broken out of the 23.6% FIB retracement level of $5.63. However, it may soon retest this level and fall below it. If by day close, the price falls below the 76.4% FIB retracement level of $5.19, then the price downtrend is strong enough to sustain till tomorrow.