- The value of CEL rose 62% to $0.5491 on the again of recovering market demand and elevated buying and selling volumes.
- Technical indicators are pointing to elevated volatility with the RSI at 90.91 and widening Bollinger Bands.
- Celsius restructures after chapter, returns $3 billion in property, and types Ionic Digital.
The value of CEL, the native token of the Celsius Community, rose by greater than 62% to $0.5491 on September 23, 2024. In keeping with market knowledge, the market capitalization additionally elevated by greater than 60% to achieve $20.71 million. Buying and selling quantity of CEL prior to now 24 hours exceeded $24 million, a rise of greater than 84%.
Worth Rise and Technical Indicators
The sharp rise comes after a number of months of volatility for Celsius, with buying and selling charts exhibiting that costs are trending upwards after a protracted interval of fluctuation, bringing renewed demand for the token.
The Relative Power Index (RSI) rose to 90.91, indicating overbought ranges. Sometimes, a studying above 70 means that an asset is overbought and a pullback is feasible.
Additionally learn: Celsius sues Tether, Tether fights again: Report
The Bollinger Bands expanded considerably, suggesting a fast value motion. Fast growth of the Bollinger Bands normally signifies a fast fee of value volatility. CEL swiftly moved by these bands, extending the higher restrict to $0.3735, nicely above the decrease assist degree of $0.1753.
New Curiosity in Celsius Community
The rise comes within the wake of elevated curiosity within the Celsius Community, which filed for chapter in July 2022. Celsius just lately started restructuring efforts, and as a part of the chapter proceedings, the corporate plans to return greater than $3 billion in property to collectors.
Celsius has additionally spun off a part of its operations into a brand new mining enterprise, Ionic Digital, Inc. The brand new firm is poised to go public, a transfer that might spur renewed curiosity within the Celsius Community and its current value surge.
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