Celsius is up by over 11% in the last 24 hours: Here is why?

The Celsius platform’s native token, CEL, is the best-performing cryptocurrency among the top 100 by market capitalization. In the previous 24 hours, CEL has risen by more than 11%, outperforming the broader market in the process.

The rally comes as the wider crypto market is doing poorly. The cryptocurrency market has lost around 5% of its value in the last day, and the total market cap; is now around $1.1 trillion.

Bitcoin may soon fall below the $23,000 support level after dropping almost 1% of its value thus far today. Ether has dropped by more than 5% today and is now priced at $1,840 per token.

Despite a report from two days ago that the crypto lender Celsius would be out of cash by this October, their stock rallied today.

Celsius’s CEO, Alex Mashinsky, responded to the report by calling it “fake news.” And saying that Celsius has enough cash to last “several years. ”Mashinsky also said that Celsius is “solvent and profitable,” with $600 million in cash and no debt.

Celsius’s rally could also be driven by the news that the Celsius Network Foundation is set to launch its own cryptocurrency; called CELO. The Celsius Network Foundation is a non-profit organization that Celsius created to promote the use of its lending platform.

Kirkland & Ellis, the law firm Celsius handling its restructuring efforts. Revealed in a new court filing Monday that the crypto lender has already filed for bankruptcy and halted withdrawals; on its platform.

Critical levels to watch

Although Celsius has been doing great over the past day, the CEL/USD 4-hour chart is still bearish. The indicators say that CEL might be picking itself up from a recent fall.

Data Source: Tradingview

The MACD line is negative but rising, and if the current trend continues, it could enter positive territory. The 14-day RSI of 49 shows that CEL is no longer oversold.

CEL is trading at $2.8245 per coin as at the time of writing. If the momentum continues, CEL might surge past the $3.385 resistance level by the end of the day.

CEL could find it tough to surpass last week’s $3.9 per coin high unless there is a market-wide breakout. The next major resistance level is at $4.5. On the downside, if Celsius falls below the $2.385 support level, it could drop to $1.9 before finding any meaningful support.

The 20-day EMA ($2.21) and the 50-day SMA ($2.17) are likely to offer strong support in case of a sell-off. The long-term outlook remains positive as Celsius has been steadily rising since mid-March.

It is currently in the fifth inning of an up cycle that started on March 13. Each up cycle has had seven innings. Therefore, CEL could reach $5 by early September before starting a consolidation phase.

About Celsius

Celsius is a decentralized lending and borrowing network that allows users to earn interest on their crypto assets. And take out cash loans using their digital currency as collateral. Celsius currently offers services in over 170 countries.

The Celsius Network token (CEL) is the native token of the Celsius platform. And is used to reward Celsius users for participating in the network. It also provides holders with a number of benefits. Including, but not limited to, lower loan interest rates and higher interest rates on deposits.

Celsius was founded in 2017 by CEO Alex Mashinsky. A veteran entrepreneur who is also the founder of VoIP provider Skype. Celsius has raised over $50 million from investors such as Galaxy Digital Ventures, Arrington XRP Capital, and BlockTower Capital.