The Celsius Network price rebound is gaining momentum. How far can the CEL go?

Celsius Network’s price has been one of the best performers in the crypto industry, with investors betting on the platform’s recovery. The CEL token is trading at $1.50, around 1,420% above its low level last week. This recovery brought its total market capitalization to more than $642 million.

The Celsius network is recovering

Celsius Network is a leading blockchain company that has been making headlines for the past few weeks. Last week, the well-respected company made headlines when it decided to suspend withdrawals and trading on the network. He cited the need to protect user funds and increase its liquidity. In other words, he made the decision to prevent a bank run.

Since then, the company has been working hard to stabilize its platform and boost its funding. For example, he sold some of his assets to pay back $10 million from Dai to Compound. It has also hired restructuring experts as it seeks to resolve its current crisis.

In a statement on Monday, Celsius noted it was in talks with regulators as it navigated the crisis. With struggling cryptocurrencies, the company noted that the situation will take time. The company said:

“As has been a priority since the inception of our business, we maintain an open dialogue with regulators and officials. We plan to continue working with regulators and officials regarding this pause and our company’s determination to find a solution. »

Celsius price is skyrocketing as investors believe the company will continue to be a going concern. It is also surging as traders stage a short squeeze. This is where a group of traders band together and buy a beleaguered asset in an attempt to punish short sellers.

Learn more about how to buy Celsius.

It is therefore difficult to know if this uptrend will last for long. Historically, these short cuts don’t last long.

Celsius Network Price Prediction

Turning to the daily chart, we see that the CEL price formed a hammer pattern last week. The hammer is one of the most common bullish candlestick patterns. Since then, the coin has made a dramatic rally as investors buy the dip.

Along the way, Celsius has moved above the 25- and 50-day moving averages while the MACD tries to move above the middle line.

Hence, the outlook for the coin is still bullish with investors targeting the next key resistance at $2. In the longer term, however, it is likely that the price will resume its downtrend.