Celsius is one of the biggest lenders in the crypto business with around $11.8 billion in assets. The company makes money by lending out users’ digital assets in exchange for exorbitant interest rates. Celsius also allows investors to take out low-interest loans with cryptocurrency as security.
According to reports, things at the Celsius crypto loan platform may not be going so well. Some customers allege they were wrongfully deleted, while firm CEO Alex Mashinsky claims nefarious actors are attempting to bring the system down. When markets are booming and demand is great, the Celsius model works fine. However, when prices drop sharply, as they did this month, the entire system becomes unstable. The price of the Celsius token falls below $0.60 for the first time since September 2020. Let us review CEL price
CEL Price Prediction
From its all-time high of little over $8 in June 2021, CEL is currently trading at a severe 90+% decline. It has now dropped below $0.60 for the first time since September 17, 2020. The $0.49 to $0.70 price range is the critical demand zone. The major resistance levels for CEL in a bullish scenario are $0.70 and $0.93.
We won’t be bullish on CEL until it smashes through the $0.93 barrier level. Until then, we could trade in a range or test the next support level of $0.32. Celsius has been lowering its savings rates throughout the year as bearish sentiment spreads across the crypto and broader financial markets.
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