Top 3 Trending Coins: CEL Surges in Volatile Trade, HT Lags on HUSD Depeg Worries

Key Points

• CEL is the best-performing top 100 coin as it continues to experience wild intra-day swings amid the ongoing short-squeeze.
• HT is the worst performing top 100 coin amid concerns about HUSD’s recent depeg from the dollar.
• SHIB has slipped back under $0.000015 as bears continue unwinding last Sunday’s pump.

Celsius Network Token (CEL) Rallies as Volatile Trade Continues

CEL, the native utility token of bankrupt cryptocurrency lending platform Celsius Network that has experienced something resembling a short-squeeze in recent weeks, continues to see elevated volatility on Thursday. The cryptocurrency is the best performer in the top 100 coins by market cap and is trading higher by over 16% in the last 24 hours.

CEL/USD was last changing hands close to $2.90 per token, up sharply from its Tuesday lows in the $2.20 area, but still way down from the annual highs it printed on Monday above $4.50 per token. The lack of fundamental justification for CEL’s rebound in recent weeks, which instead seemed triggered by technical buying after it broke above a key long-term downtrend, suggests that the cryptocurrency could well fall from current levels.

Bears will be eyeing a test of support in the $2 area, a break below which could signal a swift drop back to $1.50, another area of support.

Huobi Token (HT) Weighed Amid HUSD Depeg Concerns

HT, the utility token of the cryptocurrency exchange Huobi Global, is the worst performer in the top 100 coins by market cap on Thursday. Over the last 24 hours, the cryptocurrency has shed over 9% of its value, with traders concerned about the depegging of the Huobi USD stablecoin from its 1:1 peg with the US dollar, despite the issuer of the token’s claims that it is backed 1:1 with US dollars.

HT/USD bears are eyeing a retest of annual lows in the $4.30 area, with the cryptocurrency last changing hands in the $4.60s, down some 20% from last week’s highs in the $5.80s.

Shiba Inu (SHIB) Falls Under $0.000015 as Bears Regain Control

Shiba Inu is the worst performing of the top 20 coins by market cap over the last 24 hours. During this time, the cryptocurrency has shed around 8% of its value, having fallen recently fallen back below the $0.000015 level after rallying nearly as high as $0.000018 over the weekend.

SHIB is still substantially above the $0.000012-13 levels it was trading in prior to last Sunday’s market pump, but with broader cryptocurrency risk appetite looking a little more fragile this week, bears will be targeting a retest of these levels. That may present an opportunity for the SHIB bulls to reload on long positions.

But SHIB’s longer-term technicals are not looking good, with the cryptocurrency seemingly still in a downtrend going all the way back to late 2022. In that regard, a 50% drop to annual lows in the $0.000007 area is currently looking more likely that a more than 100% rally to resistance in the $0.000030 area.