CEL Price Surged 50% After Celsius Reopens Withdrawals Of $50M
September 03 2022 - 7:46AM
NEWSBTC
Celsius announced that users could cumulatively withdraw up to $50
million from all the locked accounts. These funds are for users who
own Celsius Custody Program and Withhold Accounts. This latest
decision to reopen withdrawals has spiked the price of CEL by
50%. As of September 2, CEL’s price stood at $1.67, showing a
good price shift from $1.15 per token on September 1. Related
Reading: Lido DAO Continues With Strong Bullish Bias, How High Can
Price Go? The CELUSD chart on Tradingview.com indicates that the
token has lost some of its gains this morning. It now stands at
$1.50, which is still higher than yesterday’s lows and shows
positive price movements. But the sudden increase
might not be sustainable. Data shows that CEL trading volume didn’t
spike with the price. Analysts see this low volume as traders’ lack
of conviction in a continuing uptrend. Imminent Price Drop For CEL
Looms The CEL four-hour chart shows that the token started painting
a rising wedge since the August end. This pattern is usually a sign
of an upcoming bearish price reversal. Also, CEL is testing the
upper trendline for a pullback to the lower line. CEL latter
trendline is closer to $1.34. It has been serving as a good support
zone. Any break below this support might increase the selling
pressure in the market. A rising wedge breakdown setup will emerge
if the CEL price plummets below $1.34. By that, the token’s
downside target would be as low as the maximum distance between the
upper and lower trendline of the wedge if measured from its
breakout point. The interpretation, CEL might lose 40% from
September 2 price to stand at $0.87 by the end of September.
Negative Fundamentals Hanging Over Celsius Celsius recently
requested the Bankruptcy Court to permit its CPWA clients to
withdraw their funds. Celsius utilized users’ funds to operate in
the broader market while promising them mouth-watering
returns. But the firm froze the accounts when the crypto
winter wrecked havoc on its balance sheet. Data showed that Celsius
lost $2.85 billion due to the market crash. The loss led to locking
billions of dollars in more than one million accounts on its
network. The firm might have pushed CEL’s price up by this
announcement. However, it might not sustain the price increase.
According to Simon Dixon, BNKToTheFuture CEO, the total money
locked by Celsius in the CPWA is worth $210 million. But the
company wants to release only $50 million. Related Reading:
Why Vitalik Buterin Expected Crypto Crash To Happen Earlier, ETH
Price Battles With $1,600 Also, as of July 10, the court documents
showed that Celsius Earn Accounts had up to $4.2 billion worth of
assets. These factors will impede the growth of the network token.
Unless the firm acts accordingly, the 50% price growth might be a
waste. Featured image from Pixabay and chart from
TradingView.com
MIS (COIN:MISSUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
MIS (COIN:MISSUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024
Real-Time news about MIS (Cryptocurrency): 0 recent articles
More MIS News Articles