Celer Network Price Analysis: CELR Token Dropped During Rise, Approaches Volatility Red Zone

  • The Celer Network token attempted to reach the psychological level of $0.10, but it failed to hold and continued to decline.
  • The Celer Network token is trading below a key moving average against the backdrop of the daily price chart.
  • The CELR token as well as the bitcoin pair are trading at 0.000001193 Satoshis, which looks neutral.

The Celer Network token declined as the asset hit an all-time high of $0.1989 on September 26, 2021, with the CELR token losing over 75% of its cost since then. Meanwhile, the price action suggests a lower, lower formation on a roller coaster ride.

Near the 2022 lows, the CELR token showed a strong recovery with the support of an uptrend line (blue) and the asset interrupted this uptrend line a few days ago, falling to a high of 2 months at $0.0843, seen in the parallel channel (white).

Thus, the daily price chart of the CELR token is below the red signal line of the Super Trend indicator. At the time of writing, according to CMC, the CELR token is trading at $0.04776, down 5.24% in the last 24 hours. Additionally, the CELR token as well as the bitcoin pair are trading at 0.000001193 Satoshis, which looks neutral.

On March 31, the CELR token posted the highest volatile marker in the last 6 months. As a result, the coinn regained a 36% gain in one day. However, liquidity seems to be low this week and volume recorded an 11.8% drop last night, with volume at $36.8 million.

In the long-term possibility, the CELR outlook appears to be in a retracement phase

The Celer Network token looks bearish below important moving averages (such as 20, 50, 100, and 200 EMA) against the backdrop of the daily price chart. For the next few trading sessions, the 50 EMA could act as a bullish hurdle.

The RSI is moving below the half line (50 points) in terms of the daily price chart. The RSI is likely to move into oversold territory below any buying opportunity.

ADX started a downward correction and was present at the 28 mark, indicating strong bearish momentum for the Celer token.

conclusion

The Celer token is approaching a demand zone (green), which appears to be a bullish covering point. However, in the lower time frame, the coin looks bearish. On the other hand, in the weekly price chart, CELR is witnessing a bullish move with a minor retracement phase.

Resistance level – $0.080 and $0.100

Support level – $0.040 and $0.030

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.