CEL Rallies by 15% Following Celsius Network’s Latest Award

The cryptocurrency market saw some amazing developments by projects over the past 12 months. The Blockchain Fest 2021 recognized some of the top platforms in the cryptocurrency space in the past year.

Celsius Network Receives Award as the Best CeFi Lending Platform

Celsius Network is a cryptocurrency lending platform designed to provide financial services to people in various parts of the world. It is a centralized finance (CeFi) lending platform that makes it easy to borrow and lend cryptocurrencies.

CEL, the native coin of the Celsius Network, has been rallying over the past 24 hours. At press time, CEL is trading at $4.59 per token, up by more than 15% in the last 24 hours. The rally comes following the latest award received by the project.

Celsius is proud to be announced as a winner of the 2021 Crypto Awards, 'Best CeFi Lending Platform', awarded at Blockchain Fest 2021.

We would like to give a special thanks to our community – we are pleased to be named the people's choice! https://t.co/8bSm8DnPQ1 pic.twitter.com/Y1xT3P8KnN

— Celsius (@CelsiusNetwork) December 30, 2021

 

The company said, “Celsius is proud to be announced as a winner of the 2021 Crypto Awards, ‘Best CeFi Lending Platform,’ awarded at Blockchain Fest 2021. We would like to give a special thanks to our community – we are pleased to be named the people’s choice!”

CEL has been performing excellently over the past few weeks. The coin’s value is up by more than 20% over the past month, making it one of the top performers in the cryptocurrency market during that period.

CEL Eyes the $5 Mark Following Recent Rally

The CEL/USD daily chart is one of the most bullish in the market at the moment, thanks to the coin’s recent performance. The technical indicators show that the coin is performing well and could rally higher soon.

The MACD line currently stays within the positive territory, while the RSI of 72 shows that there is strong buying pressure on CEL at the moment. CEL is also trading above its 50-day moving average of $3.98.

If the rally is sustained, CEL will break past the $5 resistance level over the coming hours. Unless there is an extended rally and support from the broader market, the second major resistance level of $5.9 should limit further upward movement in the short term.