Celsius has been going through chapter which pressured its native token CEL to tumble.
CEL has risen by 100% in the previous 7 days on a reported quick squeeze.
Analysts warn that the rally may wane because of the lack of fundamentals.
Celsius CEL/USD token is buying and selling at $2.437 as of press time. The buying and selling represents a acquire of round 100% in the previous one week. However, there are extra purple flags to warning traders than there are fundamentals.
The good points in Celsius token have largely been fueled by retail frenzy. A brief squeeze Twitter marketing campaign dubbed #CELShortSqueeze began on August 7, elevating bull speculations. The retail frenzy comes amid latest liquidity troubles of Celsius that despatched the token crumbling. The disaster pressured the crypto lender to file for chapter safety on July 13.
As worth pumps, retail merchants are reportedly snapping CEL tokens on FTX. The merchants are reportedly making an attempt to exert strain on quick sellers and pressure a quick squeeze. Samir Kerbage, Hashdex’s chief product and know-how officer, commented on the latest squeeze. Kerbage warned that the upside for CEL stays low because the rally isn’t essentially pushed.
Celsius token shoots on a rising retail frenzy
Source – TradingView
Technically, the Celsius token is gaining and has already overcome the $2.0 assist. A crossover of the 21-day above the 50-day MA affirms a bullish momentum. At the present worth, CEL eyes above $3 subsequent.
Concluding ideas
CEL is bullish, and traders can be higher off shopping for above $2.0. However, there are extra doubts than convictions. Celsius faces chapter, and there are doubts the present rally is essentially pushed.
A retail frenzy on the token with an urge to pressure a quick squeeze can also be unsustainable. Speculating on the crypto token is dangerous.
