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Celer Price Analysis: CELR unable to breach $0.1 resistance, lower prices to follow?

Celer price analysis

TL;DR Breakdown

  • The Celer price analysis for today is bearish.
  • The resistance at $0.1 remains unbroken.
  • The coin’s current price is $0.09, which is four percent down from the price yesterday.
  • The nearest support for CELR/USDT pair rests at $0.0817.
  • If this support doesn’t hold, the lower support level is at $0.0655.

Celer price analysis is bearish for today as the coin was unable to break the resistance at $0.1. To look at the details of this price movement, we will have a look at the data provided by Coinmarketcap. It is quite clear that the price of the cryptocurrency is $0.09, and the trading volume is up by 112.73 percent. A 14.06 percent surge followed this volume surge in market capitalization.

The price of CELR is bullish overall and bearish in the short term. We saw a price surge in CELR/USDT pair on 8th August when the price went from $0.04 to $0.1 on 15th September. But according to our Celer price analysis, the problem was that this resistance level wasn’t broken. This was responsible for the drop in the coin’s price.

On the other hand, Bitcoin has found support at $47.6K as the resistances exist at $47K-$48K. This was a key movement wherein Bitcoin was able to reclaim its support at the $46K level after bouncing from $42.9K price levels. Further upward movement for Bitcoin would mean that bullish emotions have set in as we witness a green engulfing candle in the 4-hour chart.

Celer price analysis: Technical Indicators on the 4-hour chart turn bullish

Although we can see that the CELR price has dropped by about four percent as compared to yesterday’s price, there is a possibility that CELR/USDT might remain bearish for today. This bearish transition might turn bullish if Bitcoin is able to break further resistances today itself and reach higher prices. If this happens, we might see CELR/USDT reach higher prices.

The first indicator that we will seek information from will be the key Moving Averages and the Bollinger Bands on the four-hour chart. The price movement broke out from the upper end of the Bollinger Band, which is a bullish phenomenon. It has been seen that after breaking out from the upper end of BBs, prices seem to relax for a bit. This is what we are currently witnessing.

While looking at the position of the price movement in the Bollinger Bands during the Celer price analysis, it is visible that the price of CELR/USDT is trading above the 50-day and the 100-day Moving Averages. This proves that the price movement is only bearish today, and we might even see a reversal if Bitcoin doesn’t drop below the current support levels.

Celer price analysis
Celer price analysis on the chart by TradingView

Celer price analysis made from the readings of the RSI and the MACD indicators suggests that this is definitely a cool-off period after the huge price surge that we witnessed the day before. The RSI reads 70 and is going down with a negative gradient. This means that the bears are gradually overpowering the bears, and if the buyers don’t take charge, we might see the RSI drop below the 50-level.

In such a bearish case, you can put buy orders at $0.08 and $0.06 as well to prepare for the worst. As for the MACD indicator, the price action is currently bullish as the indicator suggests because the MACD or blue line is diverging away from the orange line or the signal line. The histogram is also green, and we can expect higher prices once the cool-off period dies down.

Celer Price Analysis: CELR unable to breach $0.1 resistance, lower prices to follow? 1
Celer price analysis on the chart by TradingView

Celer price analysis: Conclusion

Our Celer price analysis can be concluded on an overall bearish outlook for today. CELR/USDT was one of the most profitable pairs for the past few days, and right now, CELR is in a slight cool-off period. A prolonged cool-off will make the price movement bearish; otherwise, we can expect bulls to take upwards of the price.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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