Celsius Price Prediction: What’s Next for CEL After a 14% Surge?

Key Insights:

• The token took a tumble during May’s crypto market crash when CEL fell below the $2 mark. 
• CEL is currently down nearly 85% from its all-time high price of $8.02 set on June 3, 2021. 
• The coin ranks 112nd in the list of cryptocurrencies worldwide by market capitalisation at $303 million. 

Despite the company filing for Chapter 11 bankruptcy protection in the Southern District of New York in mid-July, a month after halting withdrawals in the wake of Terra’s collapse, Celsius has seen its native CEL token surge over 14% today.

Although the coin taking a tumble during May’s crypto market crash when CEL fell below the $2 mark to around $0.5, the token has regained some momentum and reached the $1.2 price level again for the first time since June 20.

Price Action

CEL started its journey at $0.0569 on November 3, 2018. The token did not start gaining traction until the end of 2020 when it climbed to $1 in September and then to $2 by November, before a major rally took place and CEL spiked 187% from $2.0893 on December 18 to $5.9992 by January 2, 2021.

This surge could be attributed to Celsius completing an audit with Chainalysis in December 2020 whereby the blockchain data platform was able to validate over $3.3 billion in total assets held by the company, making it the second-largest digital asset manager in the world at the time.

After its price skyrocketed in January 2021, CEL experienced price swings, dropping to $4 by the end of the month and then reaching $5.7576 by February 11, followed by yet another drop to the $4 mark by March.

 

However, CEL then rallied an astonishing 48% in just 11 days from $4.7745 on March 28 to $7.07305 on April 8. Despite closing April at $5.7291, CEL achieved its all-time high (ATH) price of $8.02 shortly thereafter on June 3, 2021 on the same day that Celsius announced it held 107,900 Bitcoin (BTC).

Over the next few months, CEL’s price fluctuated. For instance, it fell to $5 at the end of June 2021 before almost reaching $7 in July and then dropping to the $5 level again by August. Although the Celsius crypto came close to $6 in October, by mid-November it had plummeted to under $4. Another low came in January 27 this year when the token was trading at $2.0561 and although it managed to regain some momentum and reach $3 in February, another drop to $2 came in April.

CEL’s price has been down since February this year but has reached the $1 level today after a steady incline. The token is currently trading at $1.23 and ranks 112nd in the list of cryptocurrencies worldwide by market capitalisation at $303 million.

 

Technical Indicators