Celsius is the best-performing cryptocurrency amongst the highest 100 cash by market cap during the last 24 hours.
The cryptocurrency market has continued its constructive begin to the week regardless of some cash and tokens at the moment underperforming. The market has added lower than 1% to its worth within the final 24 hours, with the whole market cap now above $1.1 trillion.
Bitcoin is up by 0.38% within the final 24 hours however didn’t have sufficient momentum to surge previous the $24k resistance degree regardless of buying and selling within the inexperienced zone.
Ether, the second-largest cryptocurrency by market cap, is up by greater than 2% within the final 24 hours and at the moment buying and selling at $1,772 per coin.
Nevertheless, CEL, the native token of the Celsius platform, is up by greater than 28% within the final 24 hours, making it the best-performing cryptocurrency amongst the highest 100 cash by market cap.
At press time, CEL is buying and selling at $1.9 per coin. This represents a 300% surge in value over the previous few weeks as CEL dropped under $1 after Celsius halted withdrawals on its platform a number of weeks in the past.
Good Morning #CelShortSqueeze Gang 🌞☕️
— WSB Crypto Mod 🚀🚀🚀 (@traderrocko) August 8, 2022
CEL has been rallying as merchants on Twitter took the chance to push the token value larger, much like what they did with the GameStop inventory final 12 months.
Key ranges to look at
The CEL/USD 4-hour chart is extraordinarily bullish as Celsius has been performing excellently over the previous few days.
The MACD line is deep into the constructive zone, indicating a robust bullish momentum for CEL.
The 14-day relative energy index of 87 reveals that CEL is at the moment within the overbought area.
If the bulls stay in management, CEL might rally previous the primary main resistance degree at $2.125 earlier than the tip of the day. Within the occasion of an prolonged rally, CEL might break previous the $2.5 mark for the primary time since April 2022.