Celsius Couldn’t Trigger Recovery Despite Reclaiming $440M Collateral

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Celsius’ crisis eventually ended last week, but CEL remained stuck around similar value areas for nearly a week due to broad market cues.

  • CEL has stayed unmoved for a week following the repayment.
  • Market bearishness combined with investors’ bullishness triggered confusion.
  • CEL appears to lose to bears as it inches far from recouping May losses, changing hands at $0.72.

Celsius Network remains a subject for the 3rd quarter after leaving its enthusiasts angry by suspending withdrawals. Nevertheless, CEL struggled to overcome bear clutches despite the network fixing the case. Moreover, the alternative token seemed primed for further declines.

Celsius Reclaiming $440M

The DeFi platform temporarily blocked withdrawals as the lending protocol encountered massive liquidity pressure the previous month. However, as the network repaid its loan to the leading decentralized finance platform globally (Maker), it reclaimed its collateral, worth $440 million.

This development boosted investor interest as the native token CEL responded with a 37.77% upswing within the following 48 hours. Unfortunately, the alt could not sustain the leg up as bears dominated the overall crypto world. That saw CEL losing more than 26% within three days.

While publishing this content, CEL traded at $0.7229, waiting for massive bullish sentiments to catalyze sustained recoveries beyond the crucial $1 level. Broader market improvement remains critical for CEL’s revival.

But Challenges Await

Price indicators are not favoring price surges for now. For instance, the Parabolic SAR flashed massive bearishness. The charts have displayed declines since June ended. However, the same remained far beyond the candles, suggesting a few more days before trend reversals.

Furthermore, the Moving Average Convergence Divergence exhibits bearish tendencies, with the indicator presenting a bearish cross within the past few days.

The increasing red bars also support surging bearishness, putting CEL in a challenging spot. Therefore, CEL might never recover the losses seen in May unless the overall market bias turns optimistic.

As revealed above, bears dominate the cryptocurrency market. The global crypto market capitalization hovered around $882.30 billion at this publication, well beneath the crucial $1 trillion value area. Also, Bitcoin trades weak beneath the $20K level.


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