Celsius went through a chapter that forced its native token CEL to drop.
CEL increased 100% 7 days ago on reported rapid compression.
Analysts are warning that the rally could run out of steam due to a lack of fundamentals.
The Celsius CEL/USD token is buying and selling at $2.437 at press time. Buying and selling represents about 100% acquisition a week ago. Nevertheless, there are more red flags to warn traders than there are fundamentals.
The features of the Celsius token have been largely fueled by the retail frenzy. A brief Twitter marketing campaign dubbed #CELShortSqueeze began Aug. 7, increasing bull speculation. The retail frenzy comes amid Celsius’ latest liquidity issues that caused the token to crash. The disaster forced the crypto lender to file for Chapter Security on July 13.
As value pumps, retail traders would be busting CEL tokens on FTX. Traders reportedly tried to pressure quick sellers and put pressure on short. Samir Kerbage, Hashdex Director of Products and Know-How, commented on the latest squeeze. Kerbage warned that the rise in the CEL remains weak as the rally is simply not pushed.
Celsius token fires on growing retail frenzy
Supply – TradingView
Technically, the Celsius token is winning and has already overcome the $2.0 help. A 21-day cross above the 50-day MA affirms bullish momentum. On current value, CEL is looking at more than $3 thereafter.
CEL is bullish and traders may be more comfortable buying above $2.0. Nevertheless, there are more doubts than convictions. Celsius faces the chapter, and there are doubts that the current rally is essentially pushed.
A retail frenzy on the token with an urge to pressure a brief pressure could also be unsustainable. Speculating on the crypto token is dangerous.