Celsius (CEL/USD) price fell 17% on Monday amid an overall struggle among crypto assets.
The CEL token, which was up over 13% on Sunday evening amid a short squeeze, fell from $1.68 to $1.43 at the time of writing.
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The 82n/a the crypto ranked by market capitalization was also down significantly against Bitcoin (BTC) and Ether (ETH) pairs. As of 12:50 PM ET, the CEL/BTC pair was down 18% while CEL/ETH was down almost -14% in the past 24 hours.
Celsius price drops sharply
Crypto news this week will be largely dominated by the Ethereum meltdown, which is only two days away. But on Monday, cryptocurrencies struggled to hold onto the weekend’s gains, with a lull for most tokens causing the bulls to give up momentum.
For the CEL token, the drop to $1.43 appears to open it up to further weakness as the slowdown from a high of $3.86 on August 14th threatens to revisit a local low formed around $0.86 on the 28th. August 27.
As can be seen on the CEL chart below, the token has made a series of lows and lows since the beginning of September.
In fact, the token has had no sustained upside since last month’s pump and is facing major resistance around the 50-day moving average.
However, while the outlook is likely to favor the bears, another short squeeze could ensue as speculative momentum builds, with buyer pressure pushing the price higher again.
However, (and it usually is), Celsius has no real fundamental strength for a sustained upside, especially with the uncertainty that has lingered over the company’s future since the bankruptcy debacle in early 2019. crypto winter.
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