HomeAltcoinsCEL Nearing 50 Cents as Traders Look For a Bottom?

CEL Nearing 50 Cents as Traders Look For a Bottom?

-


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

CEL Nearing 50 Cents as Traders Look For a Bottom?

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.

And for our best, freshest research on NFT buys, Layer 1 chains, DeFi, or games, come check out Altcoin Buzz Access. Plans start at only $99 per month

For more information on cryptocurrency, visit the Altcoin Buzz YouTube channel.

Images courtesy of TradingView.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.

The post CEL Nearing 50 Cents as Traders Look For a Bottom? appeared first on Altcoin Buzz.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Blockchain could help anonymously document war crimes

Blockchain combined with decentralized storage could ensure data preservation and anonymity when reporting war crimes. Human rights investigators appointed by the...

Mainstream media sentiment shifts in favor of Bitcoin amid fiat currency woes

While mainstream media generally remains cautious against Bitcoin, current fiat debacles left outlets with no choice but to recognize BTC’s standout performance. ...

DEX dev Uniswap Labs looks for new funding at unicorn valuation: Report

Uniswap has been previously in talks with NFT lending protocols, planning to tackle liquidity issues and the “information asymmetry” around NFTs. Major decentralized...

Cryptocurrencies XRP, MKR Shine as BTC, ETH Hold Steady Ahead of US Inflation Figure

XRP climbed above its 200-day moving average while MKR hit a three-week high. A higher-than-estimated figure for core PCE, the Fed's preferred measure of...

Most Popular

spot_img