CEL Price Surged 50% After Celsius Reopens Withdrawals Of $50M

Name	Symbol	Market	Market Cap ($)	Algorithm
Celsius	CELUSD	Crypto	78,713,031	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Celsius

CELUSD

Crypto

78,713,031

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	0.1859	0.12735	0.250

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

0.1859

0.12735

0.250

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.1859	0.1859	0.1859	0.1859	0.062920 - 0.369990

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.1859

0.062920 - 0.369990

Exchange	Last Trade	Size	Trade Price	Currency
GATE	12:03:44	7.71	0.1859	USD

Exchange

Last Trade

Size

Trade Price

Currency

GATE

12:03:44

7.71

0.1859

USD

Price x Volume	Volume	Base Symbol	Related Pairs
0.00000000	0.00000000	CEL	CELEUR	CELGBP	CELBTC

Price x Volume

Volume

Base Symbol

Related Pairs

0.00000000

CEL Price Surged 50% After Celsius Reopens Withdrawals Of $50M

03/09/2022 12:46pm

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

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