The Celsius token is the perfect performer among the top 100 cryptocurrencies available in the market today.
CEL, the native token of the Celsius platform, is the perfect performer among the top 100 cryptocurrencies by market capitalization. CEL is up more than 11% in the past 24 hours, outperforming the broader market over the same period.
The rally comes because the broader crypto market is underperforming. The crypto market has lost around 5% of its value in the last 24 hours, with the total market capitalization now at around $1.1 trillion.
Bitcoin could quickly slide below the $23,000 support level after falling more than 1% in value so far. Ether is down over 5% right now and is now buying and selling around $1,840 per coin.
CEL’s rally comes despite a report two days ago that crypto lender Celsius would run out of money by October.
A new court filing filed Monday by Kirkland & Ellis, a law firm employed by Celsius to guide its restructuring efforts, revealed the new growth. The crypto lender had already filed for a chapter and halted withdrawals on its platform about three months ago.
Key ranges to watch
The CEL/USD 4 hour chart is bearish regardless of Celsius’ excellent performance over the past 24 hours. Technical indicators show that CEL is recovering from a final dip.
The MACD line is in the unfavorable zone, but it is still rising and will enter the optimistic zone if the current momentum continues. The 14-day RSI of 49 reveals that CEL is no longer in the oversold zone.
At press time, CEL is buying and selling at $2.8245 a coin. If the rally continues, CEL could break above the $3.385 resistance level before the end of the day.
However, unless there is a breakout in the broader market, CEL might find it difficult to maneuver last week’s high of $3.9 per coin.