The Celsius Network price has been one of the most active in the market this week. The CEL token is trading at $0.552, around 498% above the low level this week. It now has a market capitalization of over $100 million and is the 112th largest cryptocurrency in the world.
Why is the CEL bouncing back?
Celsius Network is one of the biggest brands in the cryptocurrency industry. It is a relatively similar platform to Nexo.
Celsius provides its services to more than 1.7 million people around the world. For example, users can buy cryptocurrencies by following a few steps. At the same time, they can invest in cryptocurrencies and earn up to 17% return.
Celsius Network, like Nexo, also has a feature that allows people to borrow money by posting their cryptocurrency as collateral. And recently, he launched Celsius Pay, a platform that lets people pay for their products using crypto.
Learn more about how to buy Celsius.
Celsius has a feature known as Swap that simplifies the way people trade digital tokens. For example, you can switch from Ethereum to Bitcoin without going through the process of sending, exchanging, then transferring.
At its peak, Celsius Network had over $10 billion in assets, making it one of the largest companies in the industry. CEL is the native
Now. however, the ongoing crypto crash has brought major challenges to the industry. Earlier this week, management suspended withdrawals, exchanges and transfers between accounts. He attributed this to the continued crash of digital coins and the need to better meet future withdrawal obligations.
During the week, the company also said it had hired restructuring experts to figure out what’s next. The next step could involve liquidation, which will see many investors lose money. Thursday, WSJ indicated that its investors will not provide more funds to bail out the company.
Celsius Network Price Prediction
The price of CEL crashed to a low of $0.95 earlier this week as news of its challenges emerged. The coin is now trading at $0.5497, which is significantly above its low point this week. It remains below the 25-day and 50-day moving averages and the important resistance level at $1.9594 while the Average True Range (ATR) points higher.
Therefore, the outlook for CEL price is still bearish. The next key support level to watch will be at $0.3215.