The Celsius price has bounced back on Friday as demand for the altcoin rises. The CEL coin is trading at $3.8, which is about 15% above the lowest level this week. This rebound brings its total market capitalization to more than $923 million. The price is still about 51% below its year-to-date high.
Celsius Network is a blockchain company that provides lending services. The American company recently raised more than $400 million from investors, valuing the firm at about $3 billion. This was a remarkable valuation considering that the firm was valued at about $120 million in a funding round last year.
Through its platform, Celsius Network’s customers can borrow money using cryptocurrencies as a collateral. Like Nexo, customers can also earn a yield of up to 12%. Its other services are payments and swap. CEL is the native token for the ecosystem. Celsius has more than 1.45 million users from around the world and more than $25 billion in assets.
The daily chart shows that the Celsius price has been in a bearish tren lately. The sell-off escalated when the company announced that it had lost $325 million in the BadgerDAO hack. The coin is still below the 25-day and 50-day moving averages. It is also below the key support at $4.3855, which was the lowest level in March and July. It has also formed a falling wedge pattern that is shown in black.
Therefore, the coin will likely have a bullish breakout in the coming weeks. If this happens, the next key level to watch will be at $5. This price is about 30% above the current level. This view will be invalidated if it drops below the lowest level this week.
This post was last modified on %s = human-readable time difference 05:55