Boutique Media & consulting group

BTC
$66487
ETH
$3250
BNB
$607
XRP
$0.55
ADA
$0.5

Celsius Price Trapped in a Range: Breakout or Breakdown?

1. For the past few weeks, the Celsius price has been stable in the range of $0.172 to $0.213.

2. As of writing this article, the Celsius cryptocurrency was trading at $0.193, quickly dropping 0.12% intraday.

Despite the cryptocurrency making a series of lower highs, the Celsius price remains within the trading range, but with a downward bias. The 200-day exponential moving average at $0.213 has been limiting the upside for the CEL price, causing it to decline in the past few trading days.

On Tuesday, sellers stepped in and approached the upper boundary of the range and the 200-day average, pushing the price towards the lower boundary of the area, indicating their dominance at the supply level.

On the other hand, buyers have established their presence near the lower limit of the range at $0.172, which is also the previous breakout area. The volume is currently low, and a few indecisive candles are observed on the candlestick chart.

Moreover, a breakout or breakdown of the range could determine the clear direction for the crypto. Traders and investors need to wait for a significant break on either side before trading.

Additionally, as the CEL price approaches the 200-day exponential moving average, the long-term outlook remains neutral to bearish. The price has experienced a two-way fluctuation in the past few months.

In October, the CEL cryptocurrency reversed the trend, turned positive, and reached a high of $0.39, surpassing the 200-day average. However, the price failed to sustain the higher level and plummeted. Currently, the cryptocurrency is hovering near the previous breakout area.

Celsius Cryptocurrency Technical Analysis

From a technical perspective, the Celsius cryptocurrency trading price below the 200-day average indicates a clear sign of bearish dominance for the crypto. Moreover, the price shows frequent crosses of the 20-day and 50-day averages, suggesting a sideways to bearish short-term outlook.

Additionally, the MACD line and the signal line are converging, indicating a positive trend in the short term, which could reverse the trend to negative.

February 2024 Celsius Price Forecast

Our analysts’ bullish view assumes a break of the range and the 200-day average, which could unleash the price potential up to the higher levels of $0.25 and $0.27.

However, our analysts’ bearish view expects a new downtrend if the lower limit of the range at $0.172 is broken. It could drag the price to the lower levels of $0.15 and $0.13.

2024 Celsius Cryptocurrency Price Prediction

The price prediction for 2024 is that the CEL token price could reach a high of $0.337, indicating that the potential return could exceed 75.26% if the most optimistic conditions prevail. Moreover, the analysts’ negative expectation is that the price could reach $0.282.

2025 Celsius Price Prediction

By 2025, the Celsius price could rise to $0.477. On the other hand, the lowest price that the cryptocurrency could rise to by 2025 is $0.372.

Leave a reply

Leave a Reply

Film News