Key Insights:
- A week since the repayment, CEL has remained virtually unmoved.
- The investors’ bullishness combined with the market’s bearishness has resulted in a confused state.
- Trading at $0.72, CEL is losing to the bears inching farther away from recovering May losses.
One of the biggest highlights of the third quarter is the Celsius Network which left a lot of its users angry after halting withdrawals from the DeFi platform.
However, even after the situation has been fixed, Celsius’ CEL is struggling to break free from the clutches of the bears.
Celsius Reclaims $440 Million
The Decentralized Finance platform was facing high liquidity pressure last month, which led to the lending protocol blocking withdrawals for a while.
But as the protocol managed to repay its loan to Maker, the biggest DeFi protocol in the world, it reclaimed the $440 million it had provided as collateral.
This incident also played an interesting role for the investors as the native cryptocurrency CEL immediately noted a 37.77% rally in the next 48 hours.
Sadly the rally was short-lived as the increasing bearish pressure got to the altcoin, and following the broader market trend, the cryptocurrency fell by 26.06% in the span of 3 days.
Trading at $0.7229, CEL is now waiting for strong bullish cues to recover and sustain its price action above the $1 mark.
But It Might Not Be Able To
The price indicators aren’t particularly in favor of a price rise at the moment, starting with the Parabolic SAR, which happened to be heavily bearish.
Additionally, the MACD is also exhibiting bearishness as the indicator witnessed a bearish crossover in the last few days. The growing red bars further back the increasing bearishness, placing CEL in a difficult spot.
Thus, unless the broader market trend turns positive, CEL will not be able to recover the May losses.